Setup Failed. From a technical perspective, gold’s surge on October 20, 2025, was supported by a strong bullish breakout above the previous resistance zone near $4,150 per ounce, confirming a continuation of the uptrend that had been forming since early Q3 2025. The move was accompanied by high trading volume and a bullish crossover on major momentum indicators such as the MACD and RSI, signaling strong buying pressure. The price also remained well above key moving averages particularly the 50-day and 200-day EMAs which acted as dynamic support levels. In addition, a weakening U.S. dollar index (DXY) and falling bond yields further reinforced the bullish technical setup. Together, these factors created a confluence of technical signals that drove gold to a new all-time high around $4,300 per ounce during that week.