$4,529 Gold Price Support in Focus as Analysts Eye $4,780 Target

The gold price has broken down, and analysts are watching to see if it can reclaim $4,529 as support.

If gold can regain this level, it could indicate strengthening momentum and potentially open the way for a third leg higher off the bottom.

A measured move from the recent breakout of a bullish pennant pattern points to $4,780, which is also reinforced by the 50% retracement of the full decline from the January peak and a prior lower swing high from the previous downswing.

The confluence of these levels increases its potential as an upside objective.