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.

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.

For 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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