Gold (XAUUSD) is trading near $5,035 on the 2-hour chart, consolidating after bouncing from the $4,680 low. Recent candlesticks are small with short wicks, showing a balanced market. The price remains above the rising trendline from early February, so the recovery is still in place.
The recent move up has reached a key Fibonacci area. The 38.2% level near $4,855 is acting as support, while the 61.8% retracement around $5,138 is limiting gains. The 50-period moving average is flat near $5,020, and the 100-period average around $4,995 is still supporting the price. RSI is just above 50, showing neutral momentum. If price breaks above $5,138, it could reach $5,318. If not, it may pull back toward $4,995.
Trade idea: Consider buying if gold dips near $5,000, with a stop below $4,950 and a target of $5,130.