Gold targets fresh highs after 200-day SMA breakout
Overview: Gold is building on last week's breakout above the 200-day SMA, trading near 4,650, its highest level since mid-May. While the near-term bias remains bullish and prices continue to track the upper Bollinger Band, the rally is approaching a key resistance hurdle at the 50% Fibonacci retracement of the pullback from the record high.
Momentum: Momentum remains positive, although the RSI flatlining at the overbought threshold, suggests the rally may slow or consolidate before attempting another move higher.
Bullish scenario: Overcoming initial resistance near 4,680 could pave the way towards 4,850 (61.8% Fibo) and potentially the 5,000 psychological mark.
Risk: A decisive move back below 4,600 could undermine the bullish outlook and expose the 4,500 support region.
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