Gold Price Forecast: Can Gold Stage a Major Breakout?

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Gold jumped to its highest price since February this week as it moved to test the topside of a longstanding downtrend.

That said, gold has climbed almost continuously since the formation of the recent double bottom patternand may require consolidation before it can look to breakout in earnest.

Initial buoyance in the event of a downturn may reside near the $1800 mark and nearby rising trendline, followed by secondary support near the $1765 area.

Further still, a bullish MACD crossover has occurred on the weekly chart with price above the 200 exponential moving average.

If done with confidence and followed through with conviction, then breakout trading strategies may come into play.

Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors.

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