Gold Extends Record-Breaking Rally
The bulls remained in control of gold on Tuesday as the precious metal rallied to a new record high of $3,705. The day established both a higher high and a higher low, following Monday’s breakout from a tight four-day sideways range. A daily close above prior highs confirmed the breakout yesterday, and today’s session looks set to reinforce that strength. If gold closes above Monday’s $3,679 finish, it will mark the highest daily close ever, further underlining bullish momentum despite today’s relatively narrow range.
Resistance Levels in Focus
If upward pressure continues, the first major resistance comes into view at $3,734, derived from a 161.8% Fibonacci extension of the most recent bearish correction. However, a more significant upside target range sits between $3,782 and $3,812. That zone is backed by a confluence of technical levels, adding weight to its importance. Within it, the $3,786 measuring objective comes from the symmetrical triangle breakout earlier this month, while a measured move projection completes at $3,812.
The recent symmetrical triangle followed a sharp $543, or 18%, rally from the July swing low at $3,268. If replicated, that advance aligns closely with the $3,812 target, suggesting bulls may still have room to extend higher before a deeper pullback develops.
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Short-Term Structure and Risks
Yesterday’s breakout also cleared a minor resistance zone that capped gold for much of last week. The move higher was confirmed by a breakout from a small bull pennant visible on intraday charts, a continuation pattern that reinforces bullish positioning.
Gold Price Forecast
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See all Gold forecastsFor the short term, the outlook remains constructive as long as gold’s price holds above today’s $3,675 low. A drop below that level, followed by weakness under Monday’s $3,627 low, would raise the risk of a broader pullback. Until then, the bullish bias remains intact, with buyers holding the upper hand and keeping the focus on the higher resistance cluster above $3,780.
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