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Today Technical Analysis: Gold Pulls Back Under $4,800 Amid Improving Risk Sentiment

January 22, 2026, 10:10

Gold Technical Analysis

Gold remains bullish from a structural perspective, even though price is currently consolidating just below the recent high around $4,888. The broader trend remains intact, characterized by a consistent sequence of higher highs and higher lows.

The moving averages strongly support this bullish bias. Price is comfortably trading above MA(5), MA(10), and MA(30), all of which are sloping upward.

Momentum remains positive, with the MACD holding above the zero line. Technically, the $4,800–$4,780 zone is the most important support area to monitor, while a sustained break above $4,890 would likely open the door for another bullish extension. Overall, gold remains in a strong bullish continuation phase despite short-term consolidation.

Gold 4H Chart

Gold 4H Chart 22-1-2026
Resistance$4,861$4,890$4,900
Support$4,756$4,715$4,690

Dow Jones Technical Analysis

On the 4-hour timeframe, Dow Jones is attempting to recover after a corrective decline from the 49,700 highs. The recent price action shows a sharp bounce from the 48,600–48,700 area, which acted as a strong demand zone and previously served as a higher low within the broader uptrend.

Price has reclaimed the short term moving averages MA(5) and MA(10) and is now approaching the 30-period moving average. This area is critical, as the 30-period moving average has acted as both support and resistance during previous swings. A sustained break and hold above this average would signal that the corrective phase is likely complete and that the broader bullish trend may resume.

Momentum has started to improve, as reflected by the MACD. The indicator has crossed back above the signal line. This shift suggests that bearish momentum is fading and that bullish momentum is gradually rebuilding. Resistance remains near the 49,700 high, while support is established around 48,600.

Dow Jones 4H Chart

Dow Jones 4H Chart 22-1-2026
Resistance49,35849,60549,770
Support48,90848,69148,436

EURUSD Technical Analysis

EURUSD is currently trading near the 1.1690 area after a strong bullish impulse. This rally marked a clear shift in short-term structure.

Price remains above the 30-period moving average, which continues to slope upward and act as dynamic support. The shorter moving averages MA(5) and MA(10) have started to flatten and slightly roll over, reflecting short-term indecision. As long as price holds above the 30-period average, the broader intraday bullish structure remains valid, but failure to regain strength above the short-term averages would increase the risk of a deeper pullback.

MACD has started to contract after a strong positive expansion, and the MACD line has crossed slightly below the signal line. Technically, the 1.1650–1.1660 zone now represents key support, while the 1.1750 area remains the main resistance.

EURUSD 4H Chart

EURUSD 4H Chart 22-1-2026
Resistance1.17421.17681.1795
Support1.16991.16411.1611
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