Gold Continues Volatile Rise: $4,800 Target

Gold prices continued their strong rise in August, climbing to $4,673. XAUUSD closed the last trading session up 1.52% at $4,673, having reached as high as $4,677 during the day. The price has gained approximately 11% since the beginning of August, surpassing the $4,500 level.

Factors Behind the Rise

Several factors are behind this rise in gold prices. First, the US Treasury Department's announcement of increased bond buybacks and ongoing geopolitical risks. Second, continued gold purchases by central banks and weakness in the dollar index. Third, increased demand for safe-haven assets by investors ahead of the Jackson Hole Economic Policy Symposium.

Technical Outlook and Critical Levels

The price broke above the $4,655 resistance level, establishing a sustained position. This is considered a technical confirmation for the continuation of the rise.

• Upward Targets: $4,720, $4,800, and $5,070 according to the SRL(5,5) indicator.
• Support Levels: $4,600 and $4,555.

Potential Risks

The rapid rise in August may pave the way for profit-taking in the short term. In particular, some investors taking profits in the $4,660-$4,680 range before the Jackson Hole Symposium could trigger a technical correction. In this case, a price pullback to the $4,600 or $4,555 levels seems possible.

Assessment

Gold is in a strong uptrend. Maintaining above the $4,655 level strengthens the $4,800 target. However, it is necessary to be vigilant against possible short-term corrections. Overall, the bullish outlook remains.

This post is not investment advice and is for informational purposes only regarding market conditions.

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