Gold Price Breakout Hits Resistance Zone
The gold price has broken out of its compressed triangle on technical charts, according to analyst professorcrypto. The XAUUSD perpetual contract reached near $4,398, marking a strong breakout above downward-sloping support levels and rising trendlines.
Price action showed substantial green candles pushing the contract above a key support structure at about $4,100 before crossing the highlighted value of $4,202.90. However, price briefly reached within the higher bracket of its resistance band at approximately $4,370-4,447.94 but was pulled back before the session's closure.
A brief sell-off below $4,448 indicated significant resistance as bulls struggled. Major support exists at the highlighted ~$~$4,202.90 and the first major support at ~$4,047.74.