Monitoring Gold: Technical Confidence, Fundamental Chaos

A rare blend of technical strength and fundamental fear is fueling gold, but bond markets may have the final say

As you can see in the chart below (a 1-hour timeframe of Gold Futures on the Multi Commodity Exchange or MCX), gold just delivered a strong breakout, backed by robust trading volumes.

Notably, this breakout follows the formation of a reverse head and shoulders pattern at a key support zone, offering a double confirmation: first, the breakout itself, and second, the bullish reversal pattern that preceded it.