Gold approaches the key resistance of $4,500, with the precious metals sector leading the US stock market in August.
智通财经2026/08/11 13:26- Gold and silver are regaining their upward momentum, rising nearly 9% and about 13% respectively since August, making them among the strongest-performing commodities this month. The materials sector as a whole leads the S&P 500 Index with a gain of 6.3%.
- Precious metal mining companies are standing out in particular, with the Philadelphia Gold and Silver Index surging more than 20% this month. Newmont Mining and Freeport-McMoRan are among the top gainers in the materials stocks, fully reflecting the strong transmission effect of gold prices on the upstream sector.
- The gold price fell to a near-term low of around $3,970 in mid-July, then built a bottom and continued to rebound, touching $4,435 during intraday trading on Tuesday, approaching the resistance zone formed by January’s high.
- Currently, gold prices face dual technical resistance around the $4,500 level, with the 200-day moving average also running nearby. A breakout could open up further upside, while failure to break through could lead to a pullback.
- Continued increases in U.S. Treasury yields present a headwind. The 10-year yield has climbed to about 4.74%, approaching its highest level since January 2025. Together with a strong U.S. dollar, this puts pressure on gold prices.
- The rolling correlation coefficient between gold and the gold-silver mining index is as high as 0.95, indicating that miners closely track gold price movements. Traders are closely monitoring the $4,500 level—a successful breakout would provide renewed upward momentum for the precious metals sector.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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