Gold took a breather after a powerful four-day rally that added roughly $350 to the metal’s price and pushed it toward a fresh three-month high near $4,700. Saxo’s Ole Hansen highlights renewed investor demand, rising gold ETF holdings, geopolitical uncertainty, fiscal concerns, and expectations surrounding the U.S. dollar as key factors supporting bullion.
Saxo also notes that some consolidation following such a rapid move could be healthy, with the market watching approximately $4,770 as a key resistance area and the 200-day moving average near $4,519 as initial support.
