Gold Breakout Targets $4,973 Zone Amid Bullish Momentum
Gold prices have broken out of a falling wedge pattern on the daily chart, indicating potential strong bullish momentum. This breakout was confirmed by a higher swing low established at $4,334, which has successfully tested support at both the former downtrend line and the 10-day moving average.
The completion of this recent pullback marks the beginning of the next leg higher in gold's developing advance. With a rising ABCD pattern added to the chart, the possible upside target defined by price symmetry is near $4,973, reinforced by the 61.8% Fibonacci retracement at $4,966.
A rising channel has also been established, showing potential upper dynamic resistance and lower support for the developing advance. The initial 100% projection for the ABCD pattern may be reached while gold remains within this channel, providing a technical framework for the potential advance toward the $4,973 target zone.