Gold Price Poised to Reach $4,800 as Buyers Defend Key Resistance

Gold's price has been on an upward trend since June, when it reached $3,800. It currently stands at around $4,603 after climbing from that area.

The XAU/USD chart shows buyers still in control, despite selling pressure around $4,600-$4,632. Gold did reach $4,632 before pulling back to $4,602.99, indicating sellers defending the area.

Trading volume increased during August's rally as gold broke through $4,400 and $4,500, providing stronger support for the breakout.

The key levels for gold are $4,632, then $4,700 and $4,800. However, there is a yellow flag: RSI is at 69.30, just under 70, indicating overbought territory.