Gold price is sitting at the highest level since March 2022. XAU/USD bulls target $2,043 on pennant breakout, FXStreet’s Dhwani Mehta reports.
Pennant breakout on the 1D chart keeps doors open toward $2,043
“Gold price validated a pennant breakout after storming through the critical rising trendline support, then at $1,968, and closing Tuesday well above the latter.”
“Gold buyers need to crack the $2,030 resistance to test the pennant target measured at $2,043. The next upside barrier is envisioned at the $2,050 psychological level.”
“The immediate support is seen at the previous yearly high of $2,010, below which the critical $2,000 mark will challenge the bullish commitments. Should the correction extend, Gold sellers could aim for the pennant resistance-turned-support at $1,988.”
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