Gold Prices Break Out Above Key Resistance, Targeting $4,626

Gold prices have broken out above key resistance levels, suggesting strong bullish momentum. The metal's price has surged past the VC PMI Daily Mean at $4,502 and Weekly Sell 1 level at $4,509, indicating a shift in favor of buyers. According to the VC PMI methodology, short-term momentum is now strongly bullish.

The next major resistance is at $4,581, which is being tested. A sustained close above this level would indicate that the market is entering an extreme or potentially hyperbolic bullish phase. The immediate upside objective becomes the Daily Sell 1 at $4,626, with the 4,581-4,626 zone representing the resistance corridor.

On a correction, support areas include 4,509-4,502 and below that, Daily Buy 1 stands near $4,421. The Fibonacci structure reinforces approximately 4,510-4,515 as an important breakout/retest zone, while cycle analysis suggests the market may be transitioning from accumulation into an accelerating markup phase.

The fundamental environment remains two-sided, with lower yields and dollar weakness supporting gold prices. However, persistent inflation could keep the Federal Reserve relatively hawkish, potentially weighing on gold prices in the long term.