WSJ writes "Comex gold futures might rise toward $4,600 an ounce, based on technical analysis, StoneX’s Matt Simpson says in commentary"

Round-number targets in gold have tended to become self-referencing during trending phases, acting as magnets and profit-taking zones rather than as information, since the marginal driver of the metal in recent cycles has been real-rate expectations, official-sector buying and haven demand rather than chart structure. The distinction worth drawing is between a technician's objective and the fundamental tape that would have to deliver it: momentum-driven extensions in gold have in past episodes run further and longer than fundamental models implied, but have also reversed sharply when the real-yield tailwind faded. The tells are whether the move is confirmed by open interest and ETF inflows or is futures-led positioning alone, and whether other houses cluster around the same level. As a media-relayed technical call, the signal content is low.