Gold Price Eyes $5,000 After Confirmed Channel Breakout

The gold price (XAU) is showing a bullish trend, trading near $4,716 following a confirmed breakout from a descending channel. This move validates previous targets and shifts focus to $4,850, especially with upcoming jobs data expected to increase volatility. Daily and four-hour charts indicate an upward trend. The daily chart shows a higher low above key Fibonacci support, with the price aiming for the 0.382 Fibonacci resistance near $4,843. A successful break above this level could lead to $5,131, while failure might see a drop towards $4,044. The four-hour chart confirms a breakout from a descending channel, with a retest of the channel midline near $4,540 successfully defended. The price then moved towards a bullish target of $4,772, though a recent pullback suggests near-term profit-taking. Analyst Karcebe anticipates further upside if gold closes above $4,720, with a primary target of $4,850, which aligns with the daily 0.382 Fibonacci. Friday's Non-Farm Payrolls release is seen as a major catalyst, with strong data potentially boosting the dollar and gold, while weak data could also drive gold higher towards $4,850. A loss of $4,670 would invalidate the bullish outlook.

(Source：BeInCrypto)