Gold's $4,400 Ceiling Holds Despite Record Sovereign Demand
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The $4,400 level has emerged as a critical resistance zone for XAU/USD, one that has repelled price action even as China's central bank logs its most aggressive monthly purchase in over two years.
With 650,000 ounces added in August following July's 640,000-ounce buy, the persistent institutional bid underscores structural demand, yet traders watching the chart see a market unable to convert that fundamental support into a decisive breakout.
A sustained close above $4,400 would likely validate the accumulation narrative technically, while continued rejection could signal exhaustion among buyers despite the favorable macro backdrop.