Over the past 48 hours, gold (XAUUSD) has experienced a significant surge, closing yesterday at $4473.515, showing a marked increase from the previous day. This rally was driven by Bitcoin reclaiming the $80,000 mark alongside gold surpassing the $4,500 level. The dual rally fueled strong safe-haven demand, especially following a weak US August ADP employment report, which heightened market expectations for potential interest rate cuts, further propelling gold prices.

Additionally, the retreat in US Treasury yields strengthened gold’s appeal as a non-yielding asset, attracting more buying interest. Gold is pushing towards the $4,530 mark, reflecting investor concerns over inflation and geopolitical risks. For the average investor, this scenario resembles a flight to safety amid stock market volatility, with gold serving as a reliable store of value.

Daily Chart

The daily chart of XAUUSD shows a clear upward trend over the past week, with prices breaking above a significant resistance zone yesterday and trading above the Bollinger Bands midline. The 200-day moving average is sloping upward, and the MACD indicator has formed a bullish crossover, confirming a strong medium to long-term bullish trend. Having broken above the key $4,450 resistance, an ascending channel has formed, suggesting potential further upside toward $4,550. Overall, the technical structure remains constructive with a strong buy signal on the daily timeframe.

1H Chart

On the hourly chart covering the last 3-5 trading days, XAUUSD exhibits increased volatility within a $4,400-$4,500 range. The Bollinger Bands are beginning to widen after a period of contraction, reflecting heightened short-term volatility. The MACD remains bullish but shows signs of a slight pullback. A recent hammer candlestick with a long lower shadow indicates buying pressure returning. In the short term, as long as price holds above the $4,460 support, a fresh upward move appears likely.

Technical Trend:  The current trend is decisively bullish, with clear momentum and strong price progression.

Technically, the daily chart reveals a well-defined ascending channel with a bullish MACD crossover reinforcing trend strength. The hourly chart’s hammer candlestick signals renewed buying interest, while the expanding Bollinger Bands suggest volatility pick-up. Key support at $4,460 has held firm, confirming solid demand at that level. These indicators combined point to a high-probability continuation of the bullish trend, offering attractive conditions for a long trade setup.

There are no significant or direct economic events scheduled today that are expected to impact XAUUSD materially. Although multiple economic releases from China, Europe, and the US are on the calendar in GMT+1 timezone, none are closely linked to gold. Traders should watch the upcoming US ISM Non-Manufacturing Index, which if better than expected, could support the US dollar and put some pressure on gold prices; otherwise, gold may find further support.

Resistance & Support

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