Gold consolidating ahead of a break higher

Gold might not seem too exciting right now—it's been moving sideways without much direction. However, when you check the weekly chart, you'll notice something interesting. The past 6 weeks of sideways movement actually appear to be a consolidation phase above the previous range, suggesting that the market is poised for an upward breakout.


I'm focusing on the recent peak at 2431. If we surpass this level, my target range is between 2560 and 2630 (based on Fibonacci extension and the top of the range). However, the ultimate long-term target is set much higher, around 3000 or more. This projection comes from measuring the width of the previous 13-year upward channel and extending that from the breakout point.