Gold Price Eyes $4,448 as Uptrend Continues
The price of Gold (XAU/USD) has seen a recovery from its sharp breakout in August and is currently trading at $4,403 on the 4-hour chart. The gold price has regained its position above both the 50-EMA at $4,323 and the 100-EMA at $4,248, which suggests that it's in a favorable position to continue an uptrend.
The recent pullback to the $4,333 area was quickly absorbed by buyers, who are defending the price within its recovered structure. This is evident from the Relative Strength Index (RSI) reading of 58, which indicates that price has the ability to trend upwards without being overbought yet.
Looking at the technical analysis, resistance levels for gold stand at $4,448, with further resistance at $4,518 and $4,596. Meanwhile, support levels are crucial at $4,333, followed by $4,262 and $4,205.