Core Viewpoint - Gold's recent advance to $3,409 indicates a strong bullish momentum, positioning it near the upper boundary of a symmetrical triangle pattern formed after a significant rally from the April low of $2,866 to a record high of $3,500, representing an increase of $543 or 18.4% [1][2]. Price Levels and Breakout Potential - A weekly close above $3,409 would confirm the bullish strength and keep the breakout scenario alive, while failure to maintain above this level could lead to a pullback [2]. - The critical resistance level for a triangle breakout is at $3,439, which could lead to testing the record high of $3,500. A sustained move above $3,500 could target new highs, with projections of $3,811 based on the July swing low of $3,268 and $3,623 using the triangle's height [3]. - On the downside, potential pullbacks could test support levels near the 20-day and 50-day moving averages at $3,355 and $3,350, respectively, forming a key support zone [4]. Trading Outlook - Traders should monitor the $3,439 resistance level for confirmation of a breakout, with a decisive close above this level indicating bullish continuation towards $3,500 and potentially $3,623–$3,811 [5]. - A rejection at the triangle's upper trendline could lead to a pullback towards $3,353–$3,347, where aggressive traders may look for buying opportunities [5]. - The upcoming sessions are critical in determining whether gold will break out to new highs or continue to consolidate within the triangle pattern [5].