Gold Targets $2,706: Bullish Momentum Builds
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Gold prices continue to recover, driven by a clear cup-and-handle pattern on the 4-hour chart, signaling potential upside toward $2,706 and beyond. Supported by the 21 EMA and 50 EMA, gold has maintained its bullish momentum within an ascending channel.
Currently consolidating near the handle's breakout zone, a sustained move above $2,706 could propel prices to $2,740 and potentially $2,780, aligning with the pattern’s target. However, a failure to hold $2,620 may lead to a retest of $2,580. For now, the outlook remains firmly bullish as buyers dominate the market.
Currently consolidating near the handle's breakout zone, a sustained move above $2,706 could propel prices to $2,740 and potentially $2,780, aligning with the pattern’s target. However, a failure to hold $2,620 may lead to a retest of $2,580. For now, the outlook remains firmly bullish as buyers dominate the market.
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