Gold prices extended their historic rally on Tuesday, surging to an all-time high of $3,539 per ounce as buyers remained firmly in control. The metal’s breakout above the crucial $3,500 psychological level has confirmed a bullish continuation of its long-term uptrend, opening the door to higher price targets in the weeks ahead.
Gold Breaks Out of Triangle Formation
For months, gold had been consolidating within a symmetrical triangle pattern, a technical setup that often precedes explosive moves. Tuesday’s breakout above the upper boundary of that formation confirms the market’s bullish intent. A decisive daily close above $3,500 now validates this breakout, reinforcing the strength of gold’s multi-year bull trend.
Key Price Targets in Sight
The breakout sets gold on course for its next near-term objective between $3,563 and $3,603, derived from long-term Fibonacci extensions and an ABCD projection pattern. If buyers hold momentum, this range may be cleared quickly, with only minor pauses or pullbacks along the way.
Further ahead, technical projections point to ambitious upside levels:
- $3,779 (first major measured move target)
- $3,966 (extended measured move, aligning with triangle breakout potential)
These levels suggest gold still has considerable room to run before the current rally peaks.
Support Zones That Matter
While gold’s momentum remains strong, key support levels provide a safety net for bulls:
- $3,500 – the breakout zone, now turned into immediate support.
- $3,451 / $3,439 – former swing highs that could cushion any near-term dip.
- $3,420–$3,410 – a deeper fallback level if corrective pressure emerges.
As long as gold holds above these zones, the bullish structure remains intact.
Resistance Ahead
Beyond the initial $3,603 target zone, traders will keep an eye on resistance around $3,664–$3,668, where multiple Fibonacci levels converge. A successful break above this region would pave the way for the higher measured targets of $3,779 and $3,966.
Long-Term Bullish Outlook Strengthened
The latest surge also carries major long-term significance. Last week, gold registered its highest monthly close on record, overcoming resistance that capped prices for two months. Historically, similar breakouts have been followed by multiple weeks of continued gains.
If this pattern repeats, gold could be entering a powerful new leg higher, with technicals pointing toward $3,800 and beyond.
✅ Bottom Line: Gold’s breakout above $3,500 marks a decisive bullish signal, supported by both technical and fundamental factors. As long as the precious metal holds above key support, momentum favors further gains toward $3,600–$3,800 in the near term.
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