Gold surges with explosive breakoutGold prices launched into a powerful rally yesterday, soaring from $3,350 to nearly $3,400 — a stunning $50 move, equivalent to 500 pips.
This surge was supported by a weakening US Dollar and a drop in the 10-year Treasury yield, which fell to its lowest level in over a week. On the macro front, if the Federal Reserve signals an earlier-than-expected rate cut, the bullish momentum could extend further in the long term.
Technical outlook: The H2 chart reveals a strong breakout after gold successfully breached the $3,372 resistance zone ( as highlighted in yesterday’s strategy ). Price is now completing a pullback, which may serve as the base for the next bullish wave.
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