After coiling up for the entire month of July, gold is finally giving technical indications of a breakout, rallying over 2% intraday and moving toward a key resistance level of $4,200.
Although it still remains more than 25% below its all-time January highs, a repeated rejection of $4,000 support has indicated that the next significant test will be on the upside, particularly since the Federal Reserve is out of the way for now.
