The gold buyers raced higher earlier this week, helped by the broader decline in the U.S. dollar. The move carried the price away from its 100-day moving average at $4,391.78 and toward the 200-day moving average at $4,501.13.
Yesterday, gold traded above and below the 200-day moving average as buyers and sellers battled for control. Today, however, the buyers have made a stronger push. With gold currently up around $90 on the day, the price has extended further above the 200-day moving average and has now broken above the 38.2% retracement of the 2026 trading range at $4,573.87.
That breakout gives the buyers more control. The 38.2% retracement at $4,573.87 is now the closest risk-defining level for buyers looking for additional upside momentum. Below that, the 200-day moving average near $4,500 remains another key support level. Staying above those levels keeps the technical bias firmly tilted to the upside.
The next major target comes at the 50% midpoint of the 2026 trading range at $4,768.93. That level takes on added importance because it also corresponds with swing highs from May 7 and May 12, making the area a key technical target should the upside momentum continue.
Bottom line: Buyers are taking greater control. The break above the 200-day moving average and now the 38.2% retracement strengthens the bullish bias. Holding above $4,573.87 keeps the focus on further gains, with $4,768.93 the next major upside target.
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