On the 4H chart, gold is consolidating just below the descending trendline after a correction from $3,389 to the support zone at $3,252. The current price structure suggests continued range-bound movement between $3,252 and $3,318 before a potential breakout. If price breaks above the trendline, the next target could be the resistance zone at $3,389.
From a news perspective, the easing of Iran–Israel tensions has slightly reduced safe-haven demand, putting short-term pressure on gold. However, the US dollar remains at a 3-year low, and concerns over the US government’s $3.3–3.9 trillion tax reform package are fueling fears of a widening deficit—both of which support a bullish outlook for gold.
In summary, watch how price reacts to the trendline. A confirmed breakout could send gold surging toward the $3,389 zone.
From a news perspective, the easing of Iran–Israel tensions has slightly reduced safe-haven demand, putting short-term pressure on gold. However, the US dollar remains at a 3-year low, and concerns over the US government’s $3.3–3.9 trillion tax reform package are fueling fears of a widening deficit—both of which support a bullish outlook for gold.
In summary, watch how price reacts to the trendline. A confirmed breakout could send gold surging toward the $3,389 zone.
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📍 Accurate, verified technical analysis
⚡ Fast updates – Never miss a golden entry
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.