Gold Price Forecast: XAU/USD validated a pennant breakout, more room for the upside toward $2,043

Gold price is sitting at the highest level since March 2022. XAU/USD bulls target $2,043 on pennant breakout, FXStreet’s Dhwani Mehta reports.

Pennant breakout on the 1D chart keeps doors open toward $2,043

“Gold price validated a pennant breakout after storming through the critical rising trendline support, then at $1,968, and closing Tuesday well above the latter.”

“Gold buyers need to crack the $2,030 resistance to test the pennant target measured at $2,043. The next upside barrier is envisioned at the $2,050 psychological level.”

“The immediate support is seen at the previous yearly high of $2,010, below which the critical $2,000 mark will challenge the bullish commitments. Should the correction extend, Gold sellers could aim for the pennant resistance-turned-support at $1,988.”