Gold price remains firm near record highs as bullish momentum builds above key breakout zones. Traders eye fresh upside targets amid strong demand and technical confirmation.
Gold (XAU/USD) continues its impressive run after staging two significant breakouts over the past week. The yellow metal remains resilient above $3,200, reflecting ongoing demand amid global economic uncertainty and intensified safe-haven flows. At the time of writing, gold trades near $3,233, holding within Monday’s price range ($3,208–$3,246).
The breakout above two trend channels—confirmed by both daily and weekly closes—marks a crucial turning point. Gold first cleared a long-standing resistance channel (purple trendline), followed by a breakout above a narrower, short-term channel (blue trendline).
These breakouts validate a shift in price structure from consolidation to bullish continuation, with buyers defending previous resistance-turned-support at the top of both channel lines.
Despite the bullish setup, short-term caution may be warranted below the following levels:
A break below these zones may prompt profit-taking or consolidation before resuming upward momentum.
With bulls firmly in control, technical projections highlight multiple price zones as potential targets:
| Target | Reason |
|---|---|
| $3,298–$3,306 | Fibonacci extensions from short-term swings |
| $3,335 | 261.8% long-term extension from 2011 high |
| $3,355 | 200% projection from ABCD pattern off 2018 low |
The $3,335 level may carry added weight due to its connection to long-term technical structures from previous bull markets.
Gold’s weekly chart recently printed a bullish engulfing candlestick pattern, closing at an all-time high. This classic technical signal often precedes extended bullish runs and reinforces confidence among institutional and swing traders.
Gold’s trajectory remains firmly upward, with strong support holding and volume confirming trend strength. While minor pullbacks are possible below $3,200, the path of least resistance is still to the upside. A clear break above $3,246 could accelerate the rally toward $3,300 and beyond.
For daily gold price forecasts and in-depth technical analysis, bookmark www.dailyforex.pk – your go-to source for real-time precious metals and forex market updates.
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