Gold Technical Analysis: Is a New Price High Ahead?

Gold experienced an uptrend last week, aligning with the bullish scenario mentioned in our previous post. This strong rally and the formation of a robust weekly candlestick suggest the potential for breaking the previous high and reaching the initial target of $2,850.

On the daily timeframe, a price correction near the previous high is possible. If this occurs, buyers may re-enter around $2,720, allowing the upward trend to continue.