(MENAFN- Daily Forex) Today's Gold Analysis Overview:

• The overall of Gold Trend: Strongly Bullish
• Today's Gold Support Points: $4165 – $4090 – $4000 per ounce.
• Today's Gold Resistance Points: $4230 – $4280 – $4400 per ounce.

Today's Gold Trading Signals:

• Sell Gold from the resistance level of $4255 with a target of $3980 and a stop-loss at $4300.
• Buy Gold from the support level of $4080 with a target of $4250 and a stop-loss at $4020.

Technical Analysis of Gold Price (XAU/USD) Today:

As expected, gold prices surged to the $4200 per ounce resistance level, and even surpassed it, reaching $4211 per ounce, the highest level for the gold index in three weeks. It is currently trading around $4192 per ounce at the time of writing, awaiting further developments. This recent upward rebound marks the third consecutive day of higher closing prices in the past four days Did Gold Prices Rise Strongly Again?

According to gold analysts' forecasts, the stability of the gold price recently above the psychological level of $4000 per ounce served as a catalyst for the bulls to surge higher. Contributing to the strength of this rebound is the continuation of the US government shutdown, the longest in US history. As is known, gold is one of the most important safe havens in times of uncertainty. At the same time, the confusion in expectations for the future of the US Federal Reserve's policy, due to the absence of crucial US economic releases, helped gold bulls launch higher. Meanwhile, central bank purchases of bullion remain at supportive levels for the market.

Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money Have gold's gains peaked?

According to performance across gold trading companies, the rise in spot gold prices above the $4200 resistance is not the end of the gains, as technical indicators have more time before they reach the overbought territory. The 14-day Relative Strength Index (RSI) is around a reading of 63, with the overbought threshold at 70. At the same time, the MACD indicator lines are turning upward. The nearest bull targets according to the daily chart are $4235, $4260, and $4400 per ounce, respectively.

A scenario for a decline in gold prices, as seen on the daily chart, requires a drop below $4000 per ounce first.

EURUSD Chart by TradingViewTrading Tips:

It's best to wait for a downward technical correction in gold prices before considering buying again, rather than risking buying at the highest levels Market Awaits End of US Government Shutdown

The US government is likely to reopen within 24 hours, which has also boosted metal markets, headed by gold trading. The resumption of US economic data flows may better pave the way for an interest rate cut by the Federal Reserve in December. In this regard, members of the US House of Representatives are returning to Washington D.C. today to vote on ending the 43-day US government shutdown. House Speaker Mike Johnson said he believes the legislation, a difficult compromise hammered out by the Senate and approved by President Trump, will pass quickly. Bloomberg reported: "But he will need to keep his fractured party in line in the face of fierce resistance from House Democrats, who are being urged by their leaders to vote against the legislation."

Overall, according to commodity market analysts' forecasts, the fundamental bullish factors still point to further upside risk for the precious metal. Last week, commodity experts at FxPro expressed pessimism about the future of gold, noting that the sharp drop from its record highs last month caused significant technical damage to near-term price action. However, gold forecasts are no longer as negative as they were a week ago. They added that the increasing political uncertainty, driven by the possibility of the Supreme Court overturning tariffs and the Federal Reserve's hawkish stance, creates a favorable atmosphere for gold.

Ready to trade today's Gold forecast? Here are the best Gold brokers to choose from.

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