Gold update

Gold futures achieve tactical triangle target at 3850

The bullish breakout for gold futures from its late April-late August triangle pattern has achieved its tactical trading target at 3850. The 3749 level offers a short-term risk management support.

Chart 1: Gold futures: Daily chart

Gold eyes a long-term cup-and-handle target at 4120

The daily log scale chart shows a massive 2011 into 2024 bullish cup-and-handle pattern for gold. The rally into April 2025 achieved a bullish pattern count at 3360, but gold still has upside potential to the full pattern count at 4120.

In addition, gold futures completed a 28-year big base in early 2008 and achieved the upside count for this big base at 2700 in late 2024.

Chart 2: Gold futures: Long-term daily log scale chart