Gold Price Forecast: XAU/USD remains supported above $4,100 in risk aversion

• Gold holds gains above $4,100 on risk-averse markets.
• New tensions on shipping fees between the US and China have revived concerns about a trade war.
• Technically, XAU/USD maintains its bullish trend intact, with the $4,200 level on focus.

Gold's reversal from all-time highs near $4,180 found support at $4,090 earlier on Tuesday. The precious metal trimmed losses in risk-off markets amid simmering tensions between the US and China, returning to the $4,125 area during the European trading session.

News that the US and China were rolling out new fees for cargo vessels entering their ports has shattered expectations of a de-escalation of the trade rift between the world's two major economies, and provided fresh demand to traditional safe-havens like Gold.

Technical Analysis: In a bullish trend towards $4,200

The 4-hour chart shows the RSI coming down from oversold levels, although, in the current fundamental context, downside attempts are likely to remain limited.

Bears have been contained at $4,090 (intraday low) on Tuesday. Further down, the previous all-time high, at $4.050 area (October 8, 9 highs is likely to challenge bears ahead of the $4,000 psychological level, and the October 7 and 10 lows, at the $3,940 area.

To the upside, the intraday high at $4,080 is the closest resistance, although the $4,200 round level might attract bulls. Beyond here, a Fibonacci extension tool shows the 461.8% extension of the mid-September rally, at $4,278.