Gold climbed $41.20, or 0.93%, on Monday to close at $4,473, marking its highest futures closing level in 74 days and reinforcing the possibility of further upside. However, gold is still facing resistance around $4,473, with the 100-day simple moving average currently near $4,481. A sustained move above this zone could signal the beginning of another leg higher. Technically, the $4,435 level is now crucial. Gold opened and closed above its 23% Fibonacci retracement level for the first time, suggesting improving momentum. If the metal can establish $4,435 as firm support, a breakout above the $4,473–$4,481 resistance area becomes increasingly likely. On the other hand, a failure to hold $4,435 could lead to sideways consolidation. As long as gold remains above $4,400 on a closing basis, the broader bullish structure remains intact, with $4,600 still the upside target. The Federal Reserve's July meeting minutes, due Wednesday, August 19, will be an important catalyst for gold. Markets will examine the minutes for clues about the strength of the hawkish camp within the Fed and its potential influence on future policy. Recent weaker economic data, including a decline in July retail sales and softer consumer sentiment, has reduced expectations for additional tightening. The probability of a September rate hike has also fallen, while a weaker US dollar has provided further support for gold. Attention will then turn to the Jackson Hole Economic Policy Symposium from August 27–29, where Fed Chair Kevin Warsh is scheduled to deliver his first major keynote address since taking office. With the September FOMC meeting approaching and market expectations for a rate hike or hold remaining relatively balanced, Warsh's comments could have a significant impact on the dollar, interest-rate expectations and precious metals. Meanwhile, ongoing geopolitical tensions in the Middle East, particularly around the Strait of Hormuz, continue to provide additional safe-haven support for gold. Overall, gold's technical and fundamental outlook remains bullish. Holding above $4,435 would strengthen the case for a breakout above $4,473–$4,481, potentially opening the way toward the $4,600 target. A close below $4,435 would likely result in consolidation, while a sustained close below $4,400 would weaken the bullish setup. For now, the bulls remain in control, but their ability to defend these key support levels will determine whether gold can continue higher.