Gold Enters 'Escape-Velocity Zone,' Targets $4,800
Gold prices are on the rise, having entered what analysts call an 'escape-velocity zone.' According to recent data, gold futures are trading near $4,726 after reaching a high of $4,755. This marks a decisive change in momentum for the precious metal, with price establishing higher highs and lower lows and remaining above its major weekly equilibrium.
The Daily VC PMI at $4,696 is seen as a key short-term pivot level by analysts. As long as gold remains above this level, the immediate bias favors continuation towards Daily Sell 1 at $4,741, followed by the recent high of $4,755. A confirmed breakout above this zone exposes the next major resistance at approximately $4,788 Weekly Sell 1 and the Daily Sell 2 region near $4,800.
The larger weekly structure remains bullish while price holds above the Weekly VC PMI mean at $4,583. Market participants are now focused on upcoming U.S. PCE inflation data and Federal Reserve Chair Kevin Warsh's Jackson Hole speech for the next major interest-rate catalyst. Geopolitical uncertainty surrounding Iran also continues to drive safe-haven demand for gold.