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Gold holds above the $4,250 pivot as rally eyes $4,450
The analysis says gold needs to move above $4,450 to target $4,500 to $4,525, while downside tests are cited near $4,320 and $4,120.
Gold is bid against the US dollar near $4,065 to $4,080 after the metal posted a close above $4,120, according to Action Forex.
The outlet’s 4-hour XAU/USD view says price is holding above the $4,250 pivot and above the 100 and 200 simple moving averages, with a recent high at $4,435 and immediate resistance cited at $4,435, followed by $4,450.
Action Forex added that a clear break above $4,450 could open further upside toward $4,500 and $4,525, with additional extensions toward $4,550 if gains continue.
On the downside, the article points to support levels at $4,320, $4,215, and a main support at $4,120, with further weakness potentially taking the price toward $4,050 to $4,020.
Latest closeGold $4,292.50 ▼0.6%