Gold Price Breaks Out Above $4,700, Sets Sights on $4,895
Gold's price has broken out of its consolidation phase and is now in a powerful bullish trend, with the 15-minute chart trading near $4,700 after reaching a high of $4,755. This breakout above the Weekly VC PMI mean confirms that the intermediate trend remains bullish.
The Daily VC PMI mean at $4,703 is the immediate equilibrium point, and holding above or rapidly recovering this level maintains the bullish momentum structure. The first upside objectives are Daily Sell 1 at $4,747 and Daily Sell 2 at $4,798, while Weekly Sell 1 at $4,788 and Weekly Sell 2 target at $4,895 become increasingly important.
On a correction, Daily Buy 1 at $4,652 represents the first high-probability mean-reversion support zone, followed by Daily Buy 2 at $4,608. The Weekly mean at $4,583 is the deeper equilibrium level, and as long as the market remains structurally above the weekly mean, corrections should primarily be evaluated as potential buying opportunities.
Gold's price recently reached a three-month high due to Treasury buyback developments that pressured yields and the dollar, while investment demand and geopolitical uncertainty supported safe-haven flows. Markets are now focused on July PCE inflation data and Federal Reserve Chair Kevin Warsh's Jackson Hole remarks, which could materially affect rate expectations and volatility.