Gold is poised to rebound further toward key resistance at $4,500 per ounce, according to Quek Ser Leang of UOB Global Economics & Markets Research. The daily MACD indicator shows a steady upward trend, and the declining trendline from February’s record high sits near that level. A clear break above $4,500 would likely confirm the $3,943 low as a more durable bottom than currently anticipated.

Early Asian trade shows gains after a weaker‑than‑expected U.S. jobs report. Inki Cho of Exness notes the data softened monetary‑policy expectations, leading markets to price in no Federal Reserve rate change. Higher rates typically pressure non‑interest‑yielding assets such as gold, but central‑bank purchases continue to underpin prices. China added 20 tons in July, highlighting ongoing demand. Spot gold trades around $4,365.20, up 0.6%, and later climbs to $4,412.50, up 0.5%.

The combination of strengthening technical momentum, sustained central‑bank buying from China, and a potential breakout above $4,500 suggests further upside if current trends persist. Traders will monitor volume and Fed commentary for any shift in sentiment.