Gold Consolidates Near $4,290 as Resistance Levels Loom

Gold futures closed near $4,290 after a powerful advance from $4,074 to $4,363.70, a gain of about 7%. The market has entered a short-term consolidation phase after reaching an overbought extreme.

The Daily VC PMI mean is $4,315, which now represents the primary short-term pivot point. Gold trading below this level would place the market in a corrective phase.

Key resistance levels are located at Sell 1 $4,349 and Sell 2 $4,398, while support lies at Daily Buy 1 $4,266 and Daily Buy 2 $4,232.