Buyers defended the 100-hour moving average, pushing gold to fresh weekly highs and regaining short-term control.
Gold prices surged to $4,144.15 after buyers successfully defended support near the 100-hour moving average at $4,110. The rebound followed a failed attempt to hold above the 200-hour moving average yesterday, which had shifted focus to the lower support level.
Earlier, gold tested the 38.2% retracement of its June 17 decline at $4,109.56, a key technical level. The break above yesterday’s high of $4,115.67 signaled renewed bullish momentum, with traders eyeing further gains if support holds between $4,100 and $4,110.
The move suggests short-term control has shifted back to buyers, though sustained upside depends on maintaining levels above the critical support zone.