Gold is trading above the EMA200 and EMA50 on the 4-hour timeframe and is trading in its ascending channel. It should be noted that this upward trend is confirmed on the upper timeframe and there is a potential to reach the target of $4,300.

However, it should be noted that buying trades do not have a good reward-to-risk ratio at this price and you can enter buying trades in gold corrections, these corrections can occur on the bottom of the channel or the midline of the ascending channel.

The global gold market extended its rally for a third consecutive session, successfully maintaining its position above the key $4,100 level. Recent reports also suggest that the likelihood of a temporary agreement between the United States, Iran, and Oman to reopen the Strait of Hormuz and restore the ceasefire has increased.

Although lower oil prices and a relative easing of tensions in the Middle East would normally reduce demand for safe-haven assets such as gold, declining expectations for a Federal Reserve interest rate hike in September have allowed the precious metal to maintain its upward momentum.

Nevertheless, rising U.S. Treasury yields and the continued strength of the U.S. Dollar Index (DXY) remain key headwinds for non-yielding assets like gold. At the same time, any shift in geopolitical tensions in the Middle East—particularly involving the United States, Israel, and Iran—continues to serve as a major catalyst for safe-haven inflows.

Meanwhile, large financial institutions continue to expand their physical gold holdings as a hedge against currency depreciation and geopolitical uncertainty. For example, Tether added approximately 14 metric tons of gold to its reserves during the second quarter of 2026.
That said, the pace of aggressive gold purchases seen in late 2025 and early 2026 has moderated and returned to a more balanced level. Even so, central banks continue to accumulate gold at a robust pace over the long term, with countries such as Poland, China, and France remaining among the world's largest official gold holders.