Gold Price Breakout Looms Near $4,434

The gold price is at a critical juncture as it approaches the $4,434 level, which would establish a new higher swing low and potentially trigger a breakout above the downtrend line.

This would also pave the way for a reclaim of the 20-day moving average near $4,460. If gold breaks through this resistance level, the next target could be last Thursday's lower swing high of $4,511.

The larger trend structure suggests that if gold reaches $4,511 after recovering above the downtrend line and the 20-day moving average, it would likely surpass that level on its way to a test of resistance at the 200-day moving average near $4,439.

A breakout above nearby resistance would reinforce the bullish structure and keep the larger upside target in focus. A rising ABCD pattern is unfolding, which suggests a sharp move out of consolidation exists.