Gold Reclaims Bullish Momentum as Rally Resumes Above $4,250

Gold has reclaimed its bullish momentum, resuming its rally above the $4,250 region. This comes after a close above $4,120, and the price found bids near $4,065 and $4,080 against the US Dollar.

The 4-hour chart of XAU/USD shows that the price settled above the $4,250 pivot level, the 100 Simple Moving Average (red, 4 hours), and the 200 Simple Moving Average (green, 4 hours). A high was formed at $4,435, and the price remains elevated.

On the upside, immediate resistance could be $4,435, with the next major resistance at $4,450. A clear move above $4,450 could open the doors for more upside, potentially targeting $4,500 or even $4,525, with any further gains sending the price toward the $4,550 level.