Gold Upside Breakout

Gold succeeded in breaking out above 1797 which is 50% Fibonacci level of retracement measured from 1678 low of March 2021 to 1916 high of May 2021 and sets stage for retest of next leg higher 38.2% fibonacci level at 1825 and extend gains to 23.6% fibonacci level at 1860

Intraday H4 chart shows Stochastic RSI (reading 88/93) has started consolidation caused by overbought state of the metal and prices can correct to 1810-1800 support areas which should be seen as value buying opportunity as long as Gold sustains above 50% Fibonacci level at 1797-1790 critical support zone.