Gold extends rally to new all-time high amid global risk-off mood

From a technical perspective, XAU/USD continues to navigate uncharted territory, with bulls refusing to step aside despite increasingly overbought conditions across multiple time frames.

On the 4-hour chart, the 20-period Simple Moving Average (SMA) within the Bollinger Band is sloping higher, reinforcing the bullish structure. Price action remains pressed against the upper Bollinger Band as the bands continue to widen, signaling stretched upside conditions and rising volatility.

A sustained move above the upper band near $4,868.15 would expose levels above $4,900, with $5,000 coming into view.

On the downside, the middle band around $4,699.64 marks the first layer of support, followed by the lower Bollinger Band near $4,531.13. As long as prices hold above that zone, the broader bullish bias would remain intact.

The Relative Strength Index (RSI) is near 83, deep in overbought territory and signaling the risk of a near-term pause or pullback. Still, trend strength remains firm, with the Average Directional Index (ADX) climbing toward 42, suggesting buyers remain in control despite stretched conditions.