Gold prices surge $54 to $4,080.67, recovering from a weekly low after failing to sustain a break below key support levels.
Gold prices climbed $54, or 1.35%, to $4,080.67, erasing earlier losses after a volatile session that saw a low of $3,983.21 and a high of $4,096.73. The metal remains down $141.75 for the week but has recovered from a $260.36 plunge earlier in the week.
The rebound follows a brief break below a critical swing area between $4,006.99 and $4,098.74, where gold fell to $3,991.70 before buyers stepped in. The price is now trading above the 38.2% retracement level of $4,079.35, a key technical marker from the September 2022 rally.
The next resistance level stands at $4,098.74, near the $4,100 mark. A sustained break above this level could trigger further gains, while failure may keep gold within its recent consolidation range, with support at $4,006.99.