Gold is breaking out of a nearly month-long consolidation to the upside, immediately testing one and a half margin zones, reaching the call spread, and pulling back from this area.
Currently, we are at the one-quarter margin zone; we are monitoring the 1/4 level.
IF this level is breached, we anticipate a correction target from the impulsive move toward the 4224 area. Should that level be broken, the strongest support will be found in the 4194-4202 range on the spot market.
The price narrowly missed the targeted level.
Now, the 4275 area is back on the radar.
A breakout above this zone will trigger a move toward fresh highs, with the next immediate objective set in the 4325-4330 range.
Explore more in the GOLD Trading Hub →