Gold’s narrowing range and breakout potential suggest rising volatility ahead, with a sustained move above $3,451 targeting Fibonacci and ABCD projection levels.

The ABCD pattern provides a couple nearby targets with the first at 1.85. It is interesting to note that the 20-Day MA (purple) at 1.84 is very close to the first target for the ABCD pattern at 1.85.

ABCD Pattern Targets New Trend High For example, gold could trend higher within the channel to eventually complete an ABCD pattern where the CD leg matches the AB leg.

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The initial ABCD was made from the recent high to low (Jan. 3 – June 15) which also corresponds to the longer AB leg and a descending wedge pattern.