Key Highlights
- Gold started a fresh surge and traded to a new all-time high above $5,590.
- A connecting bullish trend line is forming with support at $5,280 on the 4-hour chart.
- WTI Crude Oil prices climbed higher above $62.00 and $63.00.
- USD/JPY and USD/CHF saw an increase in selling pressure.
Gold Price Technical Analysis
Gold prices started a fresh rally above $4,880 and $5,000 against the US Dollar. It settled above $5,250 and gained momentum for a new uptrend.
The 4-hour chart of XAU/USD indicates that the price extended gains above $5,500 and traded to a new all-time high above $5,590. The bulls seem unstoppable, and they could soon aim for more upside in the coming sessions.
On the upside, immediate resistance is near the $5,600 level. The next major resistance sits near the $5,625 level. A clear move above $5,625 could open the doors for more upside. In the stated case, the bulls could aim for a move toward $5,700. The main target for the bulls could be $5,800.
If there is a pullback, Gold might find bids near the $5,450 level. The first major support sits at $5,280. There is also a connecting bullish trend line forming with support at $5,280, below which the price might slide to $5,000.
The main support sits at $5,000. Any more losses might call for a test of the 100 Simple Moving Average (red, 4 hours) at $4,700 or even the 200 Simple Moving Average (green, 4 hours) at $4,550.
Looking at WTI Crude Oil, the price started a recovery wave, and the bulls pushed the price above the key hurdle at $62.00.
Economic Releases to Watch Today
- US Initial Jobless Claims – Forecast 212K, versus 198K previous.
- US Factory Orders for Nov 2025 (MoM) – Forecast +1.6%, versus -1.3% previous.
