Gold Reverses from $4,283 as Buyers Seek Next Resistance Milestone

Gold prices have shown a reversal from $4,283 after buyers reclaimed support. On the daily chart of spot gold, a larger trend structure is visible.

The session high at $4,398 would need to be broken for the next level of resistance to be reached. This includes Tuesday's high of $4,464 and prior swing highs at $4,450, as well as the 20-day moving average near $4,449.

A decisive upside break above Monday's high of $4,472 would put gold back above the downtrend line and the 20-day moving average. However, it would then need to contend with significant resistance near the 200-day moving average at $4,533.