Gold reaches fresh 5-week high after breaking through key resistance around the \$3400 zone

Gold rallied above the \$3400 barrier on Tuesday, following a brief consolidation marked by a shallow pullback from \$3402 to \$3383, and proceeded to test the next key level at \$3420—the upper boundary of a triangle pattern.

The sharp rally marks the second straight day of gains, with a daily close above the \$3400 zone (psychological level and 76.4% Fibonacci retracement of the \$3452–\$3246 decline) generating a fresh bullish signal. A sustained break above \$3420 would reinforce the upside momentum and open the path toward retesting the June 16 peak at \$3452.

Despite the bullish breakout, short-term corrective dips are likely, given overbought conditions on hourly charts. These pullbacks are expected to offer buying opportunities within the broader uptrend.

The \$3400 level, now turned into firm support, should ideally hold. Deeper pullbacks are expected to stabilize above today’s low at \$3383 to preserve the bullish structure.

Res: 3420; 3437; 3452; 3500
Sup: 3400; 3383; 3350; 3330