Gold prices regain bullish momentum after reclaiming 100-day and 100-hour moving averages, signaling renewed buyer control.
Gold prices climbed back above critical technical levels, trading near $4,422 after reaching a high of $4,427.65. The move above the 100-day moving average at $4,390.87 and the 100-hour moving average at $4,384.33 marks a shift in short-term momentum toward buyers.
Earlier, gold had retreated to $4,350 after failing to hold above those levels, but support emerged to drive the rebound. The $4,384-$4,391 zone now serves as a key close-risk area, with a break below potentially targeting the 200-hour moving average at $4,336.19.
Recent price action underscores the importance of moving-average support. On August 5, gold found a floor near $4,061, where the 100- and 200-hour moving averages converged before a rally. The next major resistance lies at last week’s high of $4,450.