Gold Prices Poised to Break Through Key Resistance Level

Gold prices have shown significant gains during its latest intraday trading, putting it on track to break through the key resistance level at $4,700. This comes after the metal shed some of its overbought conditions on relative strength indicators (RSI), paving the way for further price increases in the near term.

The continued positive pressure from gold trading above its 50-day exponential moving average (EMA50) and the dominance of the main short-term bullish trend are factors contributing to the likelihood of breaking through this resistance level.