Gold is trading around 4,342 after a strong breakout from the previous descending structure. The key technical change is the breakout above the 4,148 resistance and the recovery through the 4,227 demand zone. Price is now approaching 4,381, while the chart shows a clear bullish breakout structure with higher lows and rising channel support. However, CCI is already in the overbought area and shows bearish divergence, so a short term correction or retest is possible before the next leg higher.

Fundamentally, gold remains supported by expectations of easier U.S. monetary policy, a weaker dollar and lower Treasury yields. Recent U.S. labor data also increased expectations for future Fed easing, helping gold trade close to record levels. At the same time, geopolitical and fiscal uncertainty continues to maintain demand for gold as a safe haven. The main fundamental risk for the bullish scenario remains a stronger dollar and higher real yields if U.S. economic data forces the Fed to maintain a restrictive policy for longer.

Technically, the main support levels are 4,304 and 4,227. Holding above 4,227 keeps the bullish structure intact. A pullback into 4,304–4,227 followed by a bullish reaction would provide a stronger continuation setup. The first resistance is 4,381, followed by 4,474. Above 4,474, the next targets are 4,595 and 4,644. The projected structure on the chart allows for a corrective move toward 4,304 or 4,227 before continuation toward 4,474 and eventually 4,595–4,644. A sustained break below 4,227 would weaken the current bullish setup and bring 4,149 back into focus.

Timeframe: 4H. Bias: bullish above 4,227. Key levels: 4,304, 4,227, 4,381, 4,474, 4,595, 4,644. The preferred scenario is a controlled pullback into support followed by continuation higher, while the CCI divergence suggests avoiding aggressive entries after the current impulse.