The fact that the spot gold price on Monday 10 August closed above its 17 June peak at $4,382.61 – and seems to be on track to do so again on Wednesday 12 August – bodes well for the bulls as it points towards a medium-term bottom having been formed and to an end of the June-to-August sideways trading range.
Immediate technical upside targets are the January-to-August resistance line at $4,480.30 and the 200-day simple moving average (SMA) at $4,499.30. If overcome, the 38.2% Fibonacci retracement of the 2026 descent at $4,577.13 may be reached too. Other potential upside targets are the 50% retracement and the May peak at $4,772.71-to-$4,773.57.
The speed of the recent move does, however, increase the risk of profit-taking. Gold has risen sharply in a relatively short period, and traders may be reluctant to chase the market at increasingly elevated levels.
Potential slips may find support between the 23.6% Fibonacci retracement at $4,335.14 and the late December 2025 low at $4,274.02.
