Gold Approaches New Highs: Is the Breakout Just Beginning?

A multi-timeframe technical analysis of Gold (XAU/USD) reveals aligned bullish momentum, clear targets, and a decisive validation level to watch.

Weekly Chart (1W)

Gold is consolidating just below the ATH in a well-established uptrend. The weekly pivot at $3,198.67 is the key level to watch—holding above it preserves the bullish structure.

Trend: Strong long-term uptrend

Structure: Price remains near all-time highs, showing no major weakness.

Key Resistance:

• All-Time High (ATH): $3,500.11

Key Support Levels:

• Weekly Pivot: $3,198.67

• Fibonacci Retracements:

  • 23.6%: $3,083.39

  • 38.2%: $2,937.44

  • 50.0%: $2,743.84

Daily Chart (1D)

The daily chart confirms a shift in momentum. A higher low structure has formed, and the bullish scenario remains valid as long as price stays above the weekly pivot.

Trend: Bullish breakout in progress

Structure:

• The descending countertrend line has been broken or is in the process of breaking.

• Last breakout area (around $3,250 – $3,240) has been successfully retested, validating the move.

Key Targets (Fibonacci Extensions):

• 100%: $3,400

• 123.6%: $3,423.30

• 138.2%: $3,462.20

Support Levels:

• Local Support Zone: $3,250.07 – $3,239.84

• Weekly Pivot: $3,198.67

4H Chart (4H)

Momentum and structure align across timeframes. Above $3,328.65, intraday setups favor long positions toward the projected Fibonacci targets. The market has a nice room for short-term correction that may give better RR trades.

Trend: Short-term breakout confirmed

Structure:

• The last H4 countertrend line has broken, aligning with the daily structure.

• Confluence with major breakout zones from higher timeframes strengthens the signal.

Short-Term Bullish Targets:

• $3,400

• $3,423.30

• $3,462.20

Support and Invalidation:

• Critical Support (invalidates setup): H4 Support: $3,276.37

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Summary

Bias: Bullish across all timeframes

Key Validation Level: $3,198.67 (Weekly Trend Validation Level)

Bullish Targets:

• Short-term: $3,400

• Medium-term: $3,423 – $3,462

• Long-term: Breakout toward new highs above $3,500

  Invalidation: A break below $3,198.67 would neutralize the current bullish outlook