XAU/USD climbs 0.3% to $4,260 after briefly touching $4,303, breaking above a seven-week range amid renewed buying interest.
Gold prices extended gains, breaking above $4,200 for the first time in over seven weeks before paring some early Asia-session advances. The metal reached a high of $4,303 before settling at $4,260, up 0.3% on the day.
Since late June, XAU/USD had traded between $4,000 and $4,200, but strong buying momentum pushed it past resistance. Key technical levels now include the 23.6% Fibonacci retracement at $4,333 and the 100-day moving average at $4,393.
The break above $4,200 suggests potential for further upside, though nearby resistance may cap gains. Gold had previously dropped below its 50- and 100-day moving averages for the first time since 2023, but buyers have since limited losses near $4,000.