Gold Technical Analysis: Bulls Eye Record Highs as Crucial US Data Looms [Video]

Gold prices are displaying renewed bullish momentum as they approach major resistance zones. The key resistance area lies between approximately 4387.8 and 4388. A sustained break above this level could lead to an accelerated upward move driven by short covering. The four-hour chart indicates strong buying behavior with consistent higher lows, reflecting a market in accumulation. Currently, market attention is drawn to upcoming critical US economic data, particularly concerning Non-Farm Payrolls and CPI, which could significantly affect gold prices as traders reassess market positioning amidst potential shifts in USD strength and Fed policies. The analysis points to the importance of vibrant market activity around the 4388 level for generating upside momentum.