On the daily chart, XAU/USD is holding below the descending 50-day and 100-day Simple Moving Averages (SMAs), which keeps the near-term bias bearish despite price remaining comfortably above the rising 200-day SMA near $4,370.

The Relative Strength Index (RSI) at 40.51 remains below the midline, suggesting lingering downside pressure, while the Average Directional Index (ADX) around 20 indicates a weak directional trend as the market consolidates within a broader corrective phase.

On the topside, initial resistance aligns with the 50-day SMA at $4,677, with a stronger cap emerging at the 100-day SMA near $4,796 if bulls