Chart: Gold (XAU/USD) Short-term turning points

Are gold prices poised to resume their long-term climb to new highs?

Or will the precious metal hit another hurdle in its uptrend?

Check out these nearby inflection points I’m tracking in the 4-hour time frame:

Gold (XAU/USD) 4 Hour Chart from TradingView

Gold prices have tumbled over the past two months, with its higher lows tied to an uptrend line that has held since August.

The precious metal appears to have rebounded from this support zone as risk-off flows and anti-USD action resumed this week, suggesting the bulls may be ready to charge again.

However, XAU/USD is reaching a near-term ceiling at the top of its descending channel. Will he keep the gains in check here?

Remember that directional biases and market price volatility conditions are usually driven by fundamentals. If you haven’t done your homework on gold and the US dollar yet, then it’s time to check the economic calendar and catch up on the daily fundamental news!

The 100 SMA is still above the 200 SMA in this timeframe, suggesting that the uptrend is more likely to gain traction than reverse. The gap between the technical indicators is even widening and suggests a strengthening of the upward momentum.

But if resistance at the pivot point ($2,650) holds, gold could see a further drop to trendline support around S1 ($2,627.99) or even the bottom of the short-term channel.

A continuation of the rise beyond the top of the channel, on the other hand, could pave the way for a test of R1 ($2,676.47) near recent highs, or a return to record highs at R2 ($2,699.10), then R3 ($2,724.95).

Be sure to keep an eye on geopolitical headlines and US economic updates that could affect overall market sentiment. Whatever bias you ended up trading, don’t forget to practice proper risk management too!