Gold Reaches Crucial Resistance Level at $4,435

Gold prices are currently at $4,435, having broken above a prior downtrend channel area and retesting a previous downtrend area on the daily chart. According to James Stanley's chart, this resistance level had been attracting selling for three straight sessions. However, the recent move is coming on the back of positive support during Friday's session.

The chart reveals that several candles merge together beneath $4,435 instead of rising straight upwards. This is a key area of interest to watch as it provides a crucial level of resistance before the psychological $4,500 area.

The daily chart of XAUUSD painted by MarketMaestro shows a pullback from a long bearish trend that has been prevalent throughout the year. Gold has now broken above its shorter time frame moving averages, following several weeks of trading in a wide-demand area.