Gold rally persists; Will 4,500 be next stop?
Gold is extending its bullish run, breaking above 4,300 and nearing its record highs. A weaker dollar and anxiety ahead of the upcoming US jobs data are adding further support to the metal.
The price rebounded off the medium-term uptrend line and the 4,170 barrier, increasing the prospects of reaching the 4,381 resistance and then entering uncharted territory near the 4,500 round number.
On the downside, a drop below the 4,250 support could trigger another bearish wave toward 4,170 and the 20-day simple moving average (SMA) at 4,123. A deeper decline might target the 4,045–4,000 support zone as the next potential turning point to reinforce the long-term bullish picture.
Technically, the stochastic is pointing north in the overbought area, while the RSI has crossed above 70, reinforcing the bullish bias.
All in all, gold’s outlook remains positive as long as it holds above 4,250, with momentum favoring a test of 4,381 and possibly 4,500. However, failure to maintain key supports could shift sentiment toward a corrective phase.
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