Gold Bulls Target $4,300 as Rally Tests Key Technical Levels

Gold extended its rally on Monday, pushing toward a key technical zone as traders positioned for further upside. According to StoneX senior market analyst Matt Simpson, the metal is rallying into a previous weekly volume point of control on the daily futures chart — a level that often acts as a magnet for price action.

Simpson noted that “bulls are now eyeing a potential break above the $4,200 per ounce mark,” which could pave the way for a move toward the next major resistance near $4,300/oz — around the monthly pivot point. A sustained break above $4,200 would likely strengthen bullish sentiment and trigger additional buying interest.

However, he cautioned that the daily relative strength index (RSI) has reached its most overbought level in several months, suggesting that upward momentum may begin to slow in the near term.

Spot gold was last seen 0.7% higher at $4,144.12 per ounce, supported by ongoing economic uncertainty and a weaker U.S. dollar.