Are gold prices able to resume their long-term climb to fresh highs?

Or will the valuable metal hit one other roadblock on its uptrend?

Try these nearby inflection points I’m watching on the 4-hour timeframe:

Gold (XAU/USD) 4-hour Chart by TradingView

Gold prices have been on a tear over the past couple of months, with its higher lows connected by a rising trend line that’s been holding since August.

The valuable metal seems to have bounced off this support zone as risk-off flows and anti-USD motion resumed this week, suggesting that bulls may be able to charge again.

Nonetheless, XAU/USD is hitting a near-term ceiling at the highest of its descending channel. Will it keep gains in check from here?

Keep in mind that directional biases and volatility conditions in market price are typically driven by fundamentals. Should you haven’t yet done your homework on gold and the U.S. dollar, then it’s time to examine out the economic calendar and stay updated on day by day fundamental news!

The 100 SMA remains to be above the 200 SMA on this timeframe, hinting that the uptrend is more prone to gain traction than to reverse. The gap between the technical indicators is even widening to suggest strengthening upside momentum.

But when resistance on the pivot point ($2,650) holds, gold may very well be in for an additional dip to its trend line support around S1 ($2,627.99) and even the short-term channel bottom.

A continuation of the climb past the channel top, alternatively, could pave the way in which for a test of R1 ($2,676.47) near the newest highs or a rally to fresh record levels at R2 ($2,699.10) then R3 ($2,724.95).

Just you’ll want to keep an eye fixed out for geopolitical headlines and U.S. economic updates that might impact overall market sentiment. Whichever bias you find yourself trading, don’t forget to practice proper risk management, too!