Gold Breaks Out of Sideways Range and Resumes Its Upward Trend

Gold has successfully broken out of a sideways range—which had indicated a period of accumulation—following its arrival at significant daily and weekly demand zones.

If the current candle closes above the previous supply zones, it will be a positive development for gold in the near term, further supporting the ongoing upward movement.

Expected Targets

Following this breakout from the sideways range, gold is expected to continue its ascent, targeting the 4060, 4080, and 4100 levels, respectively.

Conversely, this bullish outlook would be invalidated if the price reverses, declines, and closes with a bearish candle below the previously breached supply zones.