My analysis of the global gold chart on the 4-hour time frame shows that the recent rally has brought the price close to the important resistance zone at $2,702. With this rally, the price has now surpassed both the 34 and 89 EMAs, which is a positive sign for the bullish trend. However, it should be noted that when approaching this resistance zone, the price may encounter strong selling pressure, which could lead to a correction to the downside before continuing the uptrend.
If the price bounces back from the current resistance zone, the next support target could be $2,660, an area that has previously supported the price during rallies. Any macroeconomic developments should also be closely watched, as they could significantly influence the price trend of gold.