Gold futures are testing critical resistance levels following a rebound from an August 18–19 low of $4,365.50, with the 15-minute chart closing near $4,579.90 after reaching an intraday high of $4,597.10. According to technical analysis, the market has reclaimed the Daily VC PMI mean at $4,558, reinforcing a bullish short-term bias.
The analysis identifies $4,581 as the next immediate resistance, followed by key levels at $4,600 and $4,649. The $4,581 mark has already been tested, increasing the likelihood of near-term profit-taking as price action extends above the mean. A sustained breakout above $4,581 would confirm a new phase of momentum, potentially pushing gold toward the $4,600–$4,649 range. On pullbacks, $4,558 remains the first line of support, while deeper corrections could target $4,519 and $4,467 as high-probability re-entry zones.
Weekly support levels are noted at approximately $4,445, $4,365, and $4,293, providing a broader buffer against downside risk. The analysis also highlights late-August as a critical cycle window, with potential acceleration or reversal periods identified between August 21–24 and August 27–31. These windows are framed as probabilistic inflection points rather than predetermined turning points.
From a Gann Square of 9 perspective, the $4,600 psychological level aligns with both VC PMI resistance and the recent high of $4,597.10. A decisive close above this cluster would strengthen the case for an extension toward $4,649, with $4,700 emerging as the next major psychological objective.
Macroeconomic factors continue to underpin gold’s technical strength. Lower long-term U.S. Treasury yields and a softer dollar have supported precious metals, while expanded Treasury bond buybacks have fueled concerns over fiscal deficits and currency debasement. However, persistent inflation risks and elevated oil prices tied to geopolitical tensions remain a counterbalance, keeping monetary policy restrictive and contributing to market volatility. The analysis emphasizes that these fundamentals do not invalidate the current bullish structure but introduce additional uncertainty.
The recommended trading approach prioritizes buying corrections over chasing strength. Traders are advised to maintain a bullish bias above $4,558, targeting $4,581, $4,600, and $4,649. A pullback into the $4,519–$4,467 range would present a more favorable risk/reward opportunity for new long positions.
