Gold futures surged past $4,500 an ounce on Monday after the U.S. Treasury signaled support for longer-dated bonds, triggering a wave of short covering and pushing the metal to a fresh intraday peak. According to the analysis, the move followed a brief pullback that tested a key buy zone of $4,355 to $4,365, where the market held for roughly four hours before reversing higher.
The initial advance cleared the analyst’s short-term target of $4,495 to $4,505, a level previously highlighted in a prior technical outlook. The analysis noted that long positions entered at $4,450 to $4,440 were exited near the upper target, capturing approximately 500 ticks in gains. First support is now identified at $4,485 to $4,475, with a critical stop-loss level set below $4,465 for active longs.
A deeper retracement would target stronger support between $4,450 and $4,440, the same zone where the analyst said additional buying interest emerged in a trading group on Sunday. For downside protection, the analysis recommends placing stops below $4,430.
On the upside, resistance is observed between $4,505 and $4,515, where the market has encountered selling pressure. Despite this congestion, the analysis advises caution against shorting and instead favors entering new longs on a decisive break above $4,525. Such a move would target subsequent levels at $4,545 to $4,549 and $4,565 to $4,570. The analysis projects a longer-term extension toward $4,585 to $4,595 if the breakout consolidates.
