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Gold buyers took firm control of the market this week, driving prices significantly higher amid a broader weakening of the US Dollar. The precious metal broke above its 200-day moving average at $4,501.13 and has now cleared the 38.2% Fibonacci retracement level of the 2026 trading range at $4,573.87, gaining roughly $90 on the day and solidifying technical momentum. From a technical perspective, the breakout above $4,573.87 provides strong confirmation for bullish traders. This retracement level now serves as immediate dynamic support, followed closely by the 200-day moving average near $4,500. As long as prices remain above these critical levels, the technical bias heavily favors continued upside action. The next upside focus for gold bulls is the 50% midpoint of the 2026 trading range at $4,768.93. This target holds additional resistance weight as it aligns with previous swing highs from early May. Market participants will be monitoring whether buying momentum can push prices toward this key juncture.
