Gold Price Targets $4,886 as Rally Extends into $4,650 Range

The price of gold has extended its rally, reaching the $4,650 range in the short-term and pushing the market towards the $4,886 target.

Analysts James Stanley and Maynard Inversiones agree that the market is bullish for gold, with Stanley identifying the nearest pullback levels at $4,600 and Maynard pointing to momentum and moving-average support around this level.

The Elliott Wave structure provided by MCO Global suggests that a move above $4,377 would confirm a bullish wave-five case, while a pullback below would add to downward momentum to the 38.2% retracement around $3,742.

A break above $4,650 would favor $4,750, followed by $4,886, according to MCO Global's analysis.