Key Highlights
- Gold started a fresh surge and traded to a new all-time high above $4,880.
- A connecting bullish trend line is forming with support at $4,670 on the 4-hour chart.
- WTI Crude Oil prices are attempting to recover above $60.00.
- The US Gross Domestic Product could grow 4.3% in Q3 2025 (Preliminary).
Gold Price Technical Analysis
Gold prices started a fresh rally above $4,500 and $4,600 against the US Dollar. It settled above $4,800 and gained momentum for a new uptrend.
The 4-hour chart of XAU/USD indicates that the price extended gains above $4,850 and traded to a new all-time high above $4,880. The current price action is bullish and suggests that the bulls could aim for more upside.
On the upside, immediate resistance is near the $4,850 level. The next major resistance sits near the $4,885 level. A clear move above $4,885 could open the doors for more upside. In the stated case, the bulls could aim for a move toward $4,950. The main target for the bulls could be $5,000.
If there is a pullback, Gold might find bids near the $4,780 level. The first major support sits at $4,750, below which the price might slide to $4,720.
The main support sits at $4,670. There is also a connecting bullish trend line forming with support at $4,670. Any more losses might call for a test of the 100 Simple Moving Average (red, 4 hours) at $4,530 or even the 200 Simple Moving Average (green, 4 hours) at $4,400.
Looking at WTI Crude Oil, the price started a recovery wave, but it continues to face heavy resistance above the $61.20 zone.
Economic Releases to Watch Today
- US Initial Jobless Claims – Forecast 212K, versus 198K previous.
- US Gross Domestic Product for Q3 2025 (Preliminary) – Forecast 4.3% versus previous 4.3%.
