Core Viewpoint - The current bullish breakout indicates a strong counter-trend rally, with resistance expected near the 50-day average at $59.13, which has historically acted as a dynamic resistance area [1][2]. Price Resistance Levels - The price zone of potential resistance includes the 12-day high at $59.22 and a 78.6% Fibonacci retracement level at $59.37, suggesting a critical area for the current bounce to either reverse or break through [2]. Reversal Confirmation - A sustained move above the lower swing high of $60.56 from early December is necessary to confirm a trend reversal on the daily chart. A bullish reversal was triggered this week, with confirmation pending if the week closes above last week's high of $57.82 [3]. Broader Downtrend Context - The series of lower swing highs since the June peak at $78.44 indicates the potential for another pullback from resistance. Strong demand is essential for further advancement and breaking through the resistance zone, which may require a dip to establish a higher swing low [4]. Outlook - The counter-trend rally in crude oil has gained momentum, with the $59.13–$59.37 confluence being a decisive test. Holding above the 50-day average would shift the daily structure to a short-term bullish stance, while rejection could lead to another decline within the larger downtrend from June [5].

Core Viewpoint - The gold market is currently facing resistance and consolidation, with key price levels indicating potential future movements and the need for caution in trading strategies [1][2][3][4] Price Targets - The next significant price target for gold is $3,734, based on a 161.8% Fibonacci extension, but higher resistance exists between $3,782 and $3,812, supported by multiple technical objectives [1] - A sustained price above $3,707 would shift focus towards the $3,782 - $3,812 target zone, indicating bullish momentum [4] Market Behavior - Gold has been consolidating within a broad range for the past nine sessions, with recent demand showing that buyers are still active during price dips [2] - A drop below $3,628 would undermine recent bullish activity and could lead to deeper retracement levels, with initial targets at $3,576 and $3,558 [3] Outlook - Maintaining a weekly close above $3,675 is crucial for confirming bullish strength, while weakness below $3,628 could signal a potential pullback [4]