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After a period of choppy trading, gold is showing strong upward momentum this week, positioning itself to challenge the recent trend high of 2,450. The daily, weekly, and monthly charts all indicate bullish signals, with June’s high of 2,388 already surpassed. If gold closes above this level, a monthly bullish signal will be confirmed, paving the way for further upside potential.
Monthly patterns are known for providing stronger signals, and with all time frames aligned in a bullish direction, the chances of gold breaking above 2,450 and reaching new record highs are high. Potential targets include 2,462, 2,480, and 2,488, with a Fibonacci extension completing at 2,494.
Despite these bullish indications, gold remains within a consolidation zone, suggesting that choppy price action could still persist. However, the strong upward momentum seen this week indicates that the bulls are in control and may continue to push the price higher.
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