Gold futures approached $4,800 on Tuesday, with a technical framework suggesting scope for further upside if key resistance levels are cleared. The contract last traded near $4,726 after reaching an intraday peak of $4,755, extending a rally from a recent low of $4,378 that has established higher highs and higher lows.
The analysis highlights the Daily VC PMI at $4,696 as the primary short-term pivot. According to the technical model, a sustained move above this level would reinforce a bullish bias toward the Daily Sell 1 target at $4,741, followed by the recent high at $4,755. A decisive breakout above that zone would expose the next resistance at approximately $4,788 (Weekly Sell 1) and the Daily Sell 2 region near $4,800. Corrections are expected to find initial support at the Daily Mean of $4,696, with deeper mean-reversion zones at Daily Buy 1 ($4,654) and Daily Buy 2 ($4,609). The weekly structure remains bullish while price holds above the Weekly VC PMI mean at $4,583, with Weekly Buy 1 at $4,476 marking deeper structural support.
Cycle analysis points to August 27, 2026 as a significant window, with Square of 9 geometry assigning particular importance to the $4,750–$4,800 band. The analysis suggests that a sustained move through this area could trigger an acceleration phase toward higher geometric objectives. Conversely, failure at these levels would risk a pullback toward $4,706 and potentially $4,654.
Fundamentals continue to bolster the metal’s advance. Gold surged to a multi-month high on Monday, driven by lower U.S. Treasury yields, renewed dollar weakness and increased investor demand. Exchange-traded fund holdings recorded their strongest monthly inflows in ten months, while geopolitical risks tied to Iran added to safe-haven demand. Traders are also monitoring upcoming U.S. PCE inflation data and Federal Reserve Chair Kevin Warsh’s speech at Jackson Hole for the next major interest-rate catalyst.
The technical outlook remains constructive, with the analysis advising against aggressive selling into strength. The recommended approach is to maintain a long-term bullish bias and use corrections toward the mean or Buy 1/Buy 2 levels as buying opportunities rather than initiating short positions. Above the $4,741–$4,755 band, the market is seen targeting $4,788–$4,800, while a break below $4,706 could open downside toward $4,654 and $4,609.
