Gold Price Rebounds Above $4,400, Resistance at $4,500 Ahead

The gold price has rebounded above $4,400 after briefly falling to $4,340. However, the question remains whether this recovery can extend and break through the resistance zone at $4,500.

Australia-based traders are closely watching XAU/USD, which is being affected by a combination of factors including US inflation data, Federal Reserve policy expectations, rising oil prices, and renewed geopolitical tensions.

Rising oil prices have become a crucial variable for gold traders again. Brent crude recently approached $100 per barrel, while WTI climbed toward $94. This escalation in tensions involving Iran and Houthi attacks on Saudi energy infrastructure has increased concerns about global oil supply.