Gold Futures Consolidate Near $4,290 Amid Bullish Trend

Gold futures have consolidated at around $4,290 after a significant gain of approximately 7% from its recent low of $4,074 to $4,363.70. The short-term chart indicates that gold has entered a consolidation phase following an overbought extreme.

The VC PMI analysis suggests that the Daily VC PMI mean is $4,315, which represents the primary short-term pivot. A close below this level would place the market in a corrective phase. The daily resistance levels are located at Sell 1 $4,349 and Sell 2 $4,398.

The weekly VC PMI remains more bullish than the daily analysis, with the Weekly Mean at $4,114. However, gold has already exceeded both weekly sell targets. As a result, the support region of $4,240, $4,173 becomes crucial.

The primary trend remains bullish above $4,232. A recovery through $4,315 favors $4,349 and potentially higher prices. Conversely, failure to hold $4,266 increases the probability of testing $4,232.