The 4-hour chart of XAU/USD indicates 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.
Oil remained supported in the absence of a Strait of Hormuz deal and with efforts to reopen the waterway dampened by tit-for-tat demands by Iran and US President Trump for reparations.
Gold Price Forecast: XAU/USD extends bullish run above $4,400; will it last?
Breaking: Gold rallies further beyond $4,400; highest since early June
Gold needs one thing to hit $5,000 [Video]
As we came into August it looked as though there may have been a changing of the guard, with Bitcoin breakout out and Gold ho.
Gold is breaking out – And its biggest bull run since 2020 could be starting now [Video]
A historic shift in global capital may already be underway and Gold and Silver are moving rapidly towards its centre.
Gold edges higher as Hormuz delays, US CPI keep traders cautious
Gold and silver gain ground despite stronger dollar and rising Treasury yields.
XAU/USD Price forecast: Gold pressures recent highs, aims for $4,400
Gold prices we have been contained for much of the session so far today after a sharp rebound last week, climbing almost 7.5% after spending several weeks moving sideways around the $4,000 level. The strength of the move has put the precious metal firmly back on traders' radar, but the key issue now is whether this breakout can develop into a more sustained uptrend or whether it ultimately proves to be another sharp rally within a broader consolidation phase.