Gold has continued to respect the range we identified previously, but buyers have now gained momentum and pushed price above the 4,120 resistance zone, signalling a potential bullish breakout.

If buyers can hold above this level, the next upside target comes in around 4,180, with further gains possible if bullish momentum continues. However, if price falls back below 4,120, it could indicate a false breakout and see gold return to its previous consolidation range.

From a fundamental perspective, gold remains sensitive to U.S. dollar strength, Treasury yields, and Federal Reserve expectations. Any signs of softer U.S. inflation or increased expectations of interest rate cuts could provide further support for the precious metal.

Outlook: Bullish while price remains above 4,120.

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