Gold (XAU/USD) enters the Pre-UK trading session on 24 August 2026 with strong bullish momentum after extending its recent recovery rally and climbing toward the 4645 region. Based on the M15 chart structure, buyers remain firmly in control of the short-term trend, supported by a sequence of higher highs and higher lows that has developed over the past several trading sessions.
During the Asian session, gold continued attracting buying interest as traders positioned themselves ahead of the London open. The market successfully maintained support above previous breakout zones and continued advancing toward fresh short-term highs. This price behavior suggests that bullish sentiment remains dominant while sellers are struggling to regain control.
The current market structure indicates that gold is trading within an active bullish phase. Although temporary pullbacks may occur because of profit-taking activity, the overall trend remains favorable for additional upside movement as long as key support levels remain intact.
Current Market Structure
The current market price is trading around 4644–4645. Looking at the M15 timeframe, price action continues to show a clear upward trajectory. Every recent correction has been followed by renewed buying pressure, allowing gold to establish new intraday highs.
The bullish structure became stronger after buyers successfully defended several important support zones during previous sessions. Instead of forming lower lows, the market repeatedly formed higher lows, confirming that buyers remain active at lower price levels.
The recent breakout above the 4600 psychological region significantly improved bullish sentiment. Following this breakout, market participants increased buying activity, resulting in a steady climb toward the current price area.
As long as gold continues holding above the newly established support zones, the broader short-term outlook remains constructive. The current trend favors buyers while downside movements continue to appear corrective rather than trend-changing.
Momentum Analysis
Momentum conditions remain positive heading into the European session. The recent rally demonstrates strong market participation, with buyers maintaining control despite occasional pullbacks. The consistency of bullish candles suggests that demand remains strong.
The latest price swing shows that bulls continue pushing the market toward higher resistance levels. Such behavior is commonly observed during trending market conditions where participants continue buying pullbacks instead of aggressively taking profits.
The absence of strong bearish reversal patterns further supports the bullish outlook. Until sellers can force a sustained move below key support zones, momentum remains tilted toward additional upside expansion.
RSI Analysis
The Relative Strength Index (RSI 14) is currently positioned near 58.53. This reading indicates positive momentum while remaining comfortably below extreme overbought territory.
An RSI above the neutral 50 level generally supports bullish continuation scenarios. The current reading suggests that buyers retain momentum while still leaving room for further upside movement before the market becomes technically overextended.
Recent RSI behavior also indicates improving strength after recovering from lower levels. The indicator continues supporting the broader bullish structure and does not currently signal a major bearish divergence.
If RSI moves above 65–70 during the London session, bullish momentum could accelerate toward higher resistance targets. Conversely, a drop below 50 may indicate weakening momentum and increase the likelihood of short-term consolidation.
Trend Analysis
The dominant short-term trend remains bullish. Price action is consistently respecting an ascending market structure characterized by higher highs and higher lows.
The overall trend suggests that institutional and momentum-based buyers continue supporting the market. Every recent decline has attracted fresh buying activity, preventing deeper corrections from developing.
From a technical perspective, gold remains in a favorable position as long as price continues trading above major support zones established during the recent rally. The trend remains bullish until proven otherwise by a clear structural breakdown.
Support Levels
- S1: 4630 – Immediate intraday support.
- S2: 4615 – Short-term demand zone.
- S3: 4600 – Psychological support level.
- S4: 4580 – Major bullish defense zone.
- S5: 4565 – Critical structural support.
The 4630 level serves as the first important support area. Holding above this level would keep immediate bullish momentum intact and maintain pressure on nearby resistance zones.
If price temporarily declines below 4630, buyers may attempt to defend the 4615 region. This area represents a significant short-term support level where fresh demand may emerge.
The 4600 psychological level remains one of the most important support zones for the current bullish structure. A successful defense of this level would reinforce confidence among buyers.
Only a sustained breakdown below 4580–4565 would significantly weaken the bullish outlook and increase the probability of a larger correction.
Resistance Levels
- R1: 4650 – Immediate resistance.
- R2: 4665 – Recent swing resistance.
- R3: 4680 – Major bullish target.
- R4: 4700 – Psychological resistance.
- R5: 4725 – Extended breakout target.
The first challenge for buyers appears near 4650. A successful breakout above this area could trigger renewed momentum buying and encourage additional upside movement.
Above 4650, the market may target 4665 and subsequently 4680. These levels represent important technical barriers where profit-taking activity may temporarily emerge.
Should bullish momentum remain strong during the London session, gold may eventually challenge the major psychological resistance level at 4700.
A sustained move above 4700 would significantly strengthen bullish sentiment and potentially open the path toward the extended target near 4725.
Bullish Scenario
The primary bullish scenario remains favored while price trades above the 4615–4630 support region. Buyers currently maintain control of market structure, momentum indicators remain supportive, and recent price action continues producing higher highs.
A breakout above 4650 would confirm continuation of the existing bullish trend and could trigger a move toward 4665 and 4680. Strong buying momentum may eventually push the market toward the psychological 4700 region.
Further gains may also be supported by weakness in the US Dollar, declining Treasury yields, or increased safe-haven demand during periods of market uncertainty.
Bullish traders may monitor support zones for continuation signals while maintaining focus on breakout opportunities above key resistance levels.
Bearish Scenario
Although the broader trend remains bullish, traders should also consider alternative scenarios. The bearish outlook becomes relevant only if gold fails to maintain support above 4615 and sellers gain control of short-term price action.
A break below 4615 could trigger additional downside pressure toward the 4600 psychological level. Failure to hold above 4600 may expose deeper support levels near 4580 and 4565.
Such a decline would likely represent a corrective retracement rather than a complete trend reversal unless accompanied by a significant deterioration in overall market structure.
Bearish traders should watch for lower highs, bearish rejection candles near resistance zones, and declining momentum before considering downside opportunities.
Volatility Outlook
Moderate to high volatility is expected during the Pre-UK and London trading sessions. Gold remains highly sensitive to movements in the US Dollar Index, Treasury yields, inflation expectations, and broader risk sentiment.
Economic releases, central bank commentary, and geopolitical developments may generate sharp price swings throughout the session. Traders should prepare for increased volatility, especially around major news events.
Breakout conditions may emerge if price successfully moves beyond established support or resistance levels. Proper risk management remains essential under such conditions.
Key Factors to Watch
- US Dollar Index (DXY) performance.
- US Treasury yield movement.
- Federal Reserve policy expectations.
- Global inflation developments.
- Safe-haven demand flows.
- Geopolitical developments.
- Institutional trading activity.
- London session liquidity conditions.
- Risk sentiment across financial markets.
- Major economic news releases.
Technical Highlights
- Price maintains strong bullish structure.
- Higher highs and higher lows remain intact.
- RSI above neutral 50 level.
- Strong support established near 4600.
- Immediate resistance located at 4650.
- Momentum continues favoring buyers.
- London session may provide breakout opportunities.
- Overall trend remains bullish above 4615.
Forecast Summary (Pre-UK Session)
Gold enters the 24 August 2026 Pre-UK session with a bullish technical outlook. The market continues trading within a strong upward trend, supported by positive momentum and healthy market structure.
The key support region remains between 4615 and 4630, while immediate resistance stands near 4650. A breakout above resistance could accelerate gains toward 4665, 4680, and potentially 4700.
The RSI remains supportive, price action continues producing higher highs, and buyers remain active during pullbacks. These factors collectively favor additional upside opportunities during the London session.
Overall market bias for today’s Pre-UK session remains Bullish, with buyers maintaining control above key support zones and momentum indicators continuing to favor higher prices.
Disclaimer: This analysis is provided for educational purposes only and does not constitute financial advice. Always perform independent research and use proper risk management before trading financial markets.