Gold prices rose to $5,250 on Tuesday, confirming an uptrend after holding key support. The metal bounced from a recent low of $4,402. It dipped to $5,091 earlier in the day before climbing.
Gold closed above a three-week high of $5,119 on Monday, signaling continued bullish momentum. Key support levels sit at $5,036 and $5,021. These are marked by the 10-day and 20-day moving averages, respectively.
Traders see an initial upside target for gold at $5,345. This level represents the 78.6% Fibonacci retracement of a recent decline. Gold’s record high previously reached $5,598.
The metal remains in a long-term bull trend. It tested the 50-day average as support during a correction to $4,402. That low also completed an 88.6% Fibonacci retracement of the prior upswing.