GOLD | Bulls Target Fresh Highs After Rebounding from Key Support

Gold extended its rally to a seven-week high, marking a fourth consecutive session of gains as optimism surrounding the reopening of the Strait of Hormuz eased inflation concerns and reduced expectations of higher-for-longer U.S. interest rates.

The decline in inflation expectations has supported gold by weighing on Treasury yields and improving the appeal of non-yielding assets.

Technically

Gold rebounded exactly from our projected support at 4147, confirming the bullish scenario outlined in our previous analysis.

As long as the price remains above 4246, bullish momentum is expected to continue toward 4309. A 1H candle close above 4309 would confirm further upside toward 4359, followed by 4432.

However, a 1H candle close below 4246 would invalidate the short-term bullish outlook and trigger a corrective move toward 4201, with the next support at 4147.

Support: 4246 - 4201 – 4147
Resistance: 4309 – 4359 – 4432