Gold Price Outlook: Bulls Dominate as Breakout Ignites Rally Toward $3,355

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.

🔹 Market Snapshot

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).

🔹 Key Technical Breakouts Fuel Bullish Sentiment

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.

📉 Short-Term Support Levels to Watch

Despite the bullish setup, short-term caution may be warranted below the following levels:

$3,194: Monday’s session low – a drop below this could indicate weakness.
$3,173: Friday’s low – a key support for the ongoing rally.
$3,168: Previous breakout zone (April 3 high) – a crucial bull market structure level.
$3,086: 20-Day Moving Average – also near the top of the broader breakout channel.

A break below these zones may prompt profit-taking or consolidation before resuming upward momentum.

📈 Upside Price Targets: What’s Next?

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.

📊 Weekly Chart: Bullish Engulfing Confirms Trend

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.

📌 Final Thoughts: Bull Run Intact – Consolidation Likely

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.

Hamza Shah

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