Gold market analysis

Gold price could test $4,600 intraday  
August 21, 2026, 10:36 AM  

Stimulated by the U.S. Treasury's announcement to increase the purchase of long-term government bonds, the dollar weakened broadly, pushing gold prices higher. Yesterday, spot gold hit a high of $4,540.73 ahead of London's close, then consolidated at elevated levels. In early Asian trading today, it advanced further to $4,543.56 before facing selling pressure, potentially forming a double top on the hourly chart.

On the other hand, if the weak resistance at the Gann 315-degree angle level of $4,510 is confirmed broken, the next target for gold would be the horizontal angle level at $4,610—a strong resistance zone—where a deeper pullback is expected. The price range is likely to shift upward to between $4,410 and $4,610. On the hourly chart, gold rebounded sharply after testing support around the previous consolidation peak at approximately $4,450 yesterday, suggesting this level as a robust short-term support. Meanwhile, $4,510 is expected to be the first key support during today’s intraday correction.

From the daily chart perspective, measuring the move since March 23 using Fibonacci extensions, the 100% extension suggests gold could rise to $4,735.06, indicating a potential breakout above the strong resistance at $4,660. However, even after surpassing $4,660, stronger resistance is anticipated. Currently, gold is hovering near the 61.8% retracement level from June 30 ($4,528.53), which represents the final defense line for bears. A break below this level is expected to trigger a rapid rally, with gold possibly challenging $4,600 intraday.

The above information is for reference only and does not constitute investment advice.