Gold Price Forecast: XAU/SD might find resistance around $4,445

Gold extends gains beyond $4,400, amid growing geopolitical risks
The precious metal might find resistance at the $4,445 support area.
Technical indicators show a growing bullish momentum.

Gold (XAU/USD) accelerated its rebound on Monday, amid rising geopolitical tensions following the US intervention in Venezuela this weekend. The precious metal is nearly 2.4% up on the day, reaching prices at $4,435 at the time of writing, approaching a previous support area at $4,445.

Venezuelan President Nicolas Maduro is expected to appear in a US federal court on Monday, facing charges of drug and weapons trafficking. Meanwhile, the US President has threatened Mexico and Colombia and said that the US “needs Greenland,” increasing the tensions with Denmark.

Technical Analysis: Indicators show a growing bullish momentum

XAU/USD has bounced up from the area between 61.8% and 76.2% Fibonacci retracement levels and confirmed its recovery, breaking above the $4,400 area (December 30 and January 2 highs). The Moving Average Convergence Divergence (MACD) strengthens in positive territory, suggesting that buyers have taken control. The Relative Strength Index (RSI) stands above the 50 midline.

Bulls might find resistance at the $4,445 area (December 24 lows) ahead of the reverse trendline, now at $4,525. Further up, the record high, at $4,550, will come into focus. Supports are at the mentioned $4,400, previous support, ahead of Friday’s low of $4,310, and the December 31 low, at 4,274.