Multiple Upside Targets EmergeSpot gold daily chart shows larger trend structure.
The first level is a measured move projection from the pennant pattern, while the second represents the 50% retracement of a prior decline.
However, the standard-measure objective for a bull pennant suggests a potential upside target closer to $4,780.
That level is supported as possible resistance by the 50% retracement of a larger downswing near $4,771.
Holding this support zone would help preserve the breakout and keep the higher targets in play.
Multiple Upside Targets Emerge
Spot gold daily chart shows larger trend structure. Source: TradingView
Nevertheless, as gold approaches the April high, which may or may not be reached before a correction, there are two initial target zones to watch, beginning with a range from around $4,654 to $4,689. The first level is a measured move projection from the pennant pattern, while the second represents the 50% retracement of a prior decline. However, the standard-measure objective for a bull pennant suggests a potential upside target closer to $4,780. That level is supported as possible resistance by the 50% retracement of a larger downswing near $4,771. The nearby lower swing high at $4,774 also marks a prior price reference.
Support Holds Key to Continuation
Of course, key support is at the 200-day moving average, now at $4,516, along with Friday’s higher daily low of $4,509. Holding this support zone would help preserve the breakout and keep the higher targets in play. If it continues to hold as support, gold’s long-term bull trend may be ready to reassert itself, extending the change in character signaled by Friday’s decisive breakout.
