Institution: Technical analysis shows that the bullish structure of gold has strengthened

Pepperstone's Dilin Wu stated in an email that, according to technical analysis, the bullish structure of gold is strengthening. The research strategist pointed out that last Friday, the precious metal rose by nearly 2.2% and closed above $5,100 per ounce once again. Wu said, "This indicates that the previous key resistance level has now become a short-term support level, opening up further upside potential." He added that gold is currently trading above $5,150 per ounce. If buying pressure continues, resistance may appear near $5,200 per ounce. Wu added, "Overall, the bullish trend is evident, but traders should be cautious of short-term fluctuations." Spot gold rose by 0.9% to $5,155.81 per ounce.