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Gold climbs after breaking above key $4,100 level

XAU/USD was last seen consolidating after reaching about $4,304, with near-term resistance flagged near $4,300 to $4,350.

Reported · Written up by our desk · Major Pairs

Gold prices moved higher against the US dollar after a close above $4,100, with XAU/USD finding bids around $4,020 and $4,050, according to Action Forex.

On the 4-hour chart, gold also cleared a major contracting triangle, where resistance was previously seen around $4,090, and the pair subsequently closed above the 100 and 200 simple moving averages on that timeframe.

Action Forex noted gold traded as high as about $4,304 and was consolidating gains, with immediate upside resistance around $4,300 and next resistance near $4,350.

For downside levels, support was highlighted near $4,185, then $4,150, followed by about $4,065, with a potential revisit of $4,020 or $4,000 if losses extend.

Latest closeGold $4,432.00 ▲1.6%

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