XAU/USD maintains upward momentum, poised to challenge key resistance levels at $3,396 and $3,451 as bullish momentum strengthens.
Gold prices continued their upward climb on Wednesday, signaling firm bullish sentiment after breaking above both the 50-day moving average and a recent downward trendline. The precious metal is now holding above previous resistance levels, showing resilience and setting the stage for further gains.
The current trading range between $3,328 and $3,359 reflects solid buying interest, with gold comfortably holding above short-term technical barriers. These levels—once resistance—are now acting as support, reinforcing the strength of the breakout.
A crucial point of resistance lies at the 20-day EMA, currently near $3,349. A decisive move above Tuesday’s high of $3,358 or a daily close above the 20-day EMA would mark another validation of bullish momentum, likely driving prices toward the next key level of $3,396.
The $3,396 mark represents a prior weekly swing high and stands as the next significant target for bulls. A breakout above this area would trigger a strong bullish signal across both daily and weekly timeframes. Beyond that, the $3,451 level is a critical barrier—previously capping upside attempts. A sustained move above this zone would open the door to a test of gold’s record high.
Despite recent volatility, gold has reclaimed its place within a rising price channel that began forming earlier this week. This signals that buyers remain in control and the broader uptrend remains intact. Should gold manage a breakout above $3,451, accelerated gains could follow, with the next upside targets seen near $3,578, $3,603, and potentially $3,664.
With U.S. markets observing a shortened week due to the holiday, gold is still on track to post a bullish weekly close. A close near weekly highs would confirm continued strength and set a constructive tone for the coming sessions. Traders should watch this closely, as the weekly high may serve as the next key inflection point.
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