Gold Surges Above $4,700 as Bullish Trend Continues
Gold prices have broken above $4,700 and are trading near $4,755 after advancing from the visible low of $4,378. The market has decisively moved above the Weekly VC PMI mean, confirming that the dominant 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, with Weekly resistance levels becoming increasingly important above these levels.
The Weekly Sell 2 target is set at $4,895, while a correction could see support at Daily Buy 1 at $4,652 or Daily Buy 2 at $4,608. The Weekly mean at $4,583 is the deeper equilibrium level, and as long as the market remains above this, corrections should primarily be viewed as buying opportunities.
Fundamentals continue to provide underlying support for gold, with recent data showing increased investment demand and geopolitical uncertainty supporting 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.