Bullish Pattern ImplicationsSince gold only recently cleared above the 10-day average, the trend patterns in gold show a likely bull breakout above $4,353 on the horizon. The breakout above the prior interim swing high of $4,264 last Thursday was confirmed with a daily close above it. Short-term consolidation may continue for a few more days, giving the 10-day average a chance to catch up with price. Once it does, the chance for an upside breakout improves.Dynamic Support LayersPotential dynamic support nea ...

Core Viewpoint - The overall trend for gold remains bullish, but recent price action indicates a lack of strong buying momentum following a breakout, which may limit upside potential in the short term [5] Group 1: Price Action and Technical Analysis - A bullish hammer candle was printed above the rising 10-day average, indicating that buyers are defending the pullback zone, with a potential resumption trigger above $4,236 [1] - A symmetrical triangle breakout occurred, suggesting the recent pullback may be complete; however, subsequent sessions have shown no significant acceleration in price [2] - The first realistic target for gold is $4,356, where the current second leg from the October low of $3,886 matches the price gain of the initial leg, indicating a potential resistance zone [3] Group 2: Support Levels and Market Dynamics - The low of $4,164 is approaching the rising 10-day average, which strengthens this area as short-term support, providing an ascending floor for prices [4] - The lack of conviction since the triangle breakout suggests that upside potential is currently on hold, with a decisive close above $4,236 needed to target $4,356 [5]