Gold (XAU/USD) Price Forecast: Tight Four-Day Range – Highest Close Since October Looms

Core Viewpoint - Gold is experiencing a bullish trend with potential for further gains if it breaks through key resistance levels and maintains support [1][2][4] Group 1: Resistance and Breakout - A new swing high of $4,353 was reached, with three days of consolidation near this level, indicating a potential breakout above this resistance zone [1] - A decisive breakout above $4,381 could signal a continuation of the short-term uptrend [1] Group 2: Bull Trend Confirmation - The bull trend in gold has rebounded from an October low of $3,886, confirmed by breakouts above the 20-day and 10-day moving averages [2] - The advance has resulted in two bull breakouts of rising trend channels, indicating strong upward momentum despite a brief bearish correction in October [2] Group 3: Support Levels - Gold is expected to resolve upwards if it remains above the key dynamic support area, with the 10-day average at $4,256 acting as a potential support level [3] - The convergence of the 10-day average, channel line, and near-term uptrend line strengthens the significance of this support area [3] Group 4: Market Outlook - The tight range near the $4,353 high and advancing averages suggest a dominant bullish case for gold, with buyers positioned for strong closes [4] - Clearance of the $4,353–$4,381 range could unlock new record territory, while maintaining support on any weakness keeps the upward path intact [4]