Gold Rises Again Above $3,300Gold / U.S. DollarFOREXCOM:XAUUSDFOREXcomToday's session marked a new upward move for gold, with gains of more than 1%, pushing prices above the key $3,300 per ounce level. For now, the bullish bias has remained firm shortly after reports suggested that the U.S. government may be preparing to move away from the current Federal Reserve Chair, Jerome Powell, mainly due to the Fed’s failure to deliver on the administration's broader expectation of cutting interest rates in the short term. This development has increased political risk in the United States and has led gold to act once again as a safe-haven asset in the short term. Sideways Range Remains Active Despite the recent rebound in gold prices, a consolidated sideways range continues to dominate, with resistance marked around the $3,400 level and support near $3,200 per ounce. Although recent fluctuations have not yet been enough to break out of the channel, they have shown a steady increase in buying pressure that, if sustained, could lead gold to retest its recent highs. Indicators Still Show Neutral Bias At the moment, the RSI indicator remains close to the neutral line of 50, and the TRIX indicator is also moving sideways near the zero level. Both signals suggest that recent price momentum and the average strength in moving averages are starting to stabilize, pointing to a lack of clear direction. Unless the indicators begin to show signs of a momentum shift, the sideways channel is likely to remain in place and could serve as a key catalyst for maintaining the market’s neutral sentiment in the near term. Key Levels to Watch: $3,400 – This remains the level of historic highs in gold. A breakout above this area could reactivate a strong bullish bias, potentially paving the way for a more sustained uptrend in the short term. $3,300 – This is the current barrier, aligned with the 50-period simple moving average, and may serve as an important pivot point. If price action stays above this level, buying pressure could begin to gain more traction in the gold market in the short term. $3,200 – This remains a key support level, acting as the most critical reference point for selling activity in recent weeks. A move back toward this level could trigger the start of a new bearish trend. Written by Julian Pineda, CFA – Market Analyst