Gold pauses before next leg higher

Spot Gold's decisive yet laboured breakout above 1815 on weekly chart has taken first goal post of 1825 which is 38.2% fibonacci level of retracement measured from 1678 low of March 2021 to 1916 high of May 2021


Short term Daily chart shows overbought state of Stochastic RSI with reading 95/95

Next lies horizontal and static resistance area of 1833-1835 and Gold's resolve will be put to test whether it succeeds to sustain above this zone.

Sustained move above 1825 which is 38.2% fibonacci level and ability to adapt above 1835 should be seen as green signal for readiness to test next 23.6%fibonacci level at 1860


Meanwhile, consolidation and correction can cause some limited downtime aiming 1810-1800-1795 which will be a good value buying