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The analysis provides a technical outlook on Gold (XAUUSD) and the US Dollar Index (DXY) for the day, Friday, January 23, 2026. Gold is currently in a strong bullish trend across H4, Daily, and H1 timeframes, having reached a new all-time high of $4,967. The current Gold price is $4,953. The primary bullish scenario for Gold suggests holding above $4,880, with potential targets at $5,000 (a psychological round number), $5,080, and $5,200. Conversely, if Gold closes below $4,750, the bullish trend would be invalidated. Demand zones are identified between $4,832-$4,819 and $4,750-$4,748 as potential buying opportunities. DXY is exhibiting a bearish trend on H1 and Daily charts, having crashed from 98.8 to 98.3. It is expected to experience a slight retracement before continuing its bearish move, with a target around 98.0. If DXY remains below 98.6, the bullish momentum in Gold is likely to persist. However, a close below $48.80 in Gold or DXY breaking above 98.6 could signal a pullback, with the overall bullish trend in Gold invalidated only if it falls below $4,750.