The analysis provides a morning update for Gold (XAUUSD) and the DXY for January 19, 2026. Gold is currently at $4660, having opened with a significant $53 gap-up, reaching a new all-time high of $4690.5. The daily low is $4597, and the last Friday low was $4536. The trend for Gold is strongly bullish across H4, Daily, and H1 timeframes, indicating a trend-continuation gap. The DXY, conversely, is in a bearish trend, having crashed from 99.5 to 99.0 due to USD weakness from negative PPI data and geopolitical tensions (US-Venezuela war escalation), driving safe-haven flows into Gold. Institutions are actively buying Gold at the open, and the respected Friday low of $4536 confirms a strong bullish base, with the gap-up signifying robust institutional demand. Immediate resistance zones for Gold are identified between $4700-$4720, followed by $4760, and a psychological level at $4900. Support zones are located at $4620-$4600, which is also a gap-fill and breakout retest zone. Further support is at $4536 (Last Friday low) and $4500. The outlook for Gold is predominantly bullish above $4600, with targets set at $4700, $4780, and $4900. Any pullback into the gap is considered a buying opportunity. A bearish scenario for Gold is only anticipated if the H4 closes below $4536, potentially leading to a gap fill towards $4500. For DXY, the bearish trend implies potential rejection from 99.2-99.3 before further drops towards a demand zone around 98.8, with an upward movement above 99.3 invalidating the bearish outlook. Current buy volume for Gold is 78%, with sell volume attributed to profit-booking.