Gold price forecasts have turned bullish after the metal hit a six-day high and reclaimed key 10-day and 20-day moving averages. According to analyst Bruce Powers, this technical breakout suggests a potential continuation of the recent uptrend. A rising ABCD pattern on the chart points to an initial upside target of $5,345, which coincides with a key Fibonacci level, adding significance to that price point. If momentum continues, gold could challenge its record high of $5,598, especially since the recent sharp correction appears to have found solid support at the 50-day moving average.
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