Gold extends rally as bullish momentum strengthens amid macro uncertainty
Gold (XAU/USD) continues its remarkable ascent, printing a new yearly high above $4,240 as bullish momentum accelerates across global markets. The precious metal has now formed a clear pattern of higher highs and higher lows, signaling strong technical strength and renewed investor demand for safe-haven assets.
At the time of writing, spot gold trades near $4,241, up nearly 0.8% on the day and more than 30% higher year-to-date. Technical charts reveal that gold has firmly broken through multiple resistance zones, with the next major barrier seen near $4,516, a level that traders view as the final hurdle before potential discovery territory.
“Gold’s structure remains decisively bullish — we’re seeing consistent higher highs on the daily chart,” noted BITX market analyst . “Momentum indicators suggest the rally still has room to extend, particularly if the $4,200 level flips into confirmed support.”
The volume profile supports this momentum, with sustained buying pressure since early September. Key support now lies around $3,800 and $3,700, regions that previously acted as consolidation zones. As long as these levels hold, the broader trend remains intact.
“A break above $4,500 could trigger a new wave of institutional inflows,” According to BITX. “It’s a pivotal psychological level, and the chart clearly shows bulls are in full control.”
Fundamentally, analysts attribute the move to ongoing global inflation concerns, geopolitical instability, and central bank diversification, which continue to drive demand for gold as a reserve asset. The rally also coincides with weaker performance in traditional equity markets, enhancing gold’s appeal as a portfolio hedge.
With momentum and sentiment both aligned, traders are closely monitoring whether gold can decisively close above $4,500, potentially setting the stage for a new all-time high in the weeks ahead.
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