Gold market outlook – Buyers starting to re‑engage [Video]
|Gold is looking increasingly constructive after the sharp drop to 4404/01 from the 5598 highs. The market has since rallied from those lower levels, and although the last two sessions have been relatively muted, the structure suggests there is still room for further upside.
We are now trading above the 50% Fibonacci retracement at 5501/4994, and holding above this zone keeps the bias positive. This positioning opens the way toward the next upside target at 5136/5142.
Technical indicators are turning bullish from neutral, which may give buyers the confidence needed to re‑enter and potentially drive the market back toward the 5598 highs in time. However, resistance levels remain in place and are likely to attract profit‑taking on the way up.
Key Resistance
- 5136/5142.
- 5240 • 5342.
Key Support
- 4969 – 4936.
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