Gold has delivered a strong upward move yesterday and has managed to break out of a trading range. Precious metal gained over 1.5% and pushed above the upper limit of the range at $1,755, that also marks the neckline of a double bottom pattern. Gold trades at the highest level since late-February and potential target of the breakout from trading range can be found at $1,830. Note that this level is also strengthened by the 78.6% retracement of the downward move started in late-January 2021. On the other hand, if bulls fail to sustain momentum, a pullback towards the aforementioned neckline at $1,755.
Source: xStation5
Daily summary: Gold retreats 3% as US dollar rebounds after hawkish Warsh speech in Jackson Hole
Market Wrap: A mild breeze of optimism ahead of Jackson Hole
Morning Wrap: Markets freeze before Jackson Hole. Bitcoin back below 80K USD (28.08.2026)
Market Wrap: Defence bucks declines in Europe. Dollar stabilises before Jackson Hole (27.08.2026)