Gold Tests Crucial Technical Confluence. What Must Buyers and Sellers Do Next?

Gold is trading in a tight technical range after rebounding from Wednesday’s weekly low near the 61.8% retracement of the late-July advance, around $4230.70. The week’s low hit $4234.00, just $3.30 above that key support. Prices then climbed back above a dense support cluster: the 200-hour moving average at $4347.83, the 100-day at $4330.94, the 50% retracement at $4319.75, and the 100-hour at $4318.24. Gold later pushed to an intraday high of $4400.00, close to resistance at the 38.2% retracement target $4408.80.