Gold Price Hits Resistance at $4,435, Eyes $4,500

The price of gold has been rebounding strongly and is eyeing the $4,500 level as it tests resistance.

A potential resistance area lies at $4,435, with buyers becoming more aggressive on the buy side since the metal dipped off its previous level.

In the bigger picture, gold has broken above a prior downtrend channel and is retesting a previous downtrend area on the daily chart.

Fund flows are also turning positive, with gold funds experiencing an increase in inflows after going negative in the second quarter.