Gold Prices Trapped Between Support and Resistance

The gold price has been trading within a range between $4,140 and $4,250 per ounce, after falling to support near $4,620 per ounce. In the short term, gold could continue to trade within this range, but a break of resistance would lead to growth toward $4,220-$4,250. Conversely, a loss of support would result in a decline toward $4,120-$4,100 per ounce.

The recovery in gold prices has been capped by resistance at $4,220, and the risk of a breakdown leading to a decline toward current lows remains high. Immediate resistance is now situated near $4,190, where selling persists, while bears continue their attempts to break the aforementioned support level.