The EGLD daily chart is looking constructive following a clean breakout above descending resistance, accompanied by a noticeable spike in volume – a classic signal of growing momentum and renewed trader interest. Price is now consolidating just under the \$19.94 resistance level, which has capped the last few daily candles. A strong close above this line would confirm continuation and likely invite more buyers.
If we do see a breakout, Fibonacci retracement levels can provide logical upside targets. The 38.2% retracement sits around \$21.68, followed by the 50% level at \$26.18 and the 61.8% zone at \$31.62. These levels may act as points of reaction or short-term resistance, but they also reflect the deeper potential of this move if strength persists.
For now, EGLD remains above its breakout level, and the recent bullish structure looks intact. However, confirmation still hinges on closing decisively above \$19.94 with continued volume support.