Gold at Key Resistance — What Happens Next?

Gold has been climbing after bouncing from about $4,600, marking the second day of gains and reaching a near three-week high. It pulled back a bit but remains close to $4,800, up around 2%, as the US Dollar stays weak. The dollar fell following news of a temporary ceasefire between the US and Iran, which lifted market sentiment and lowered demand for the dollar, benefiting gold. At the same time, falling oil prices eased inflation worries, lowered expectations for rate hikes, and pushed bond yields down, which also supports gold.

From a technical perspective, gold is now approaching a key resistance area between $4,760 and $4,820. The price has been making higher lows since about $4,150, showing some short-term strength, but it still seems like a recovery within a broader range. If the price gets pushed down here, it might retreat to $4,600–$4,550. However, if it breaks above $4,820 and holds, it could head toward $4,900–$5,000. On the downside, falling below $4,550 would turn the outlook bearish again, with potential moves down to $4,300–$4,150. For now, the bias leans slightly bullish above $4,580, but this level will be crucial to watch for where gold goes next.

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