Gold is reasserting its uptrend following a strong bounce off confluence support around the 50-day moving average and trendline:
Uptrend Intact: Price continues to respect the rising trendline and 50-day SMA (~$3,235), which acted as a springboard for the latest push.
Momentum Shift: The MACD has turned higher again after cooling off through April-May, while RSI is climbing toward the 60 zone, a constructive sign.
Next Resistance: A move above $3,400 would expose the all-time high region near $3,460.
Structure: This appears to be a textbook continuation pattern—higher lows and resilience above the short-term MAs indicate buyers remain in control.
A break below ~$3,230 would neutralize the bullish structure, but for now, bulls look reenergized.
-MW
Uptrend Intact: Price continues to respect the rising trendline and 50-day SMA (~$3,235), which acted as a springboard for the latest push.
Momentum Shift: The MACD has turned higher again after cooling off through April-May, while RSI is climbing toward the 60 zone, a constructive sign.
Next Resistance: A move above $3,400 would expose the all-time high region near $3,460.
Structure: This appears to be a textbook continuation pattern—higher lows and resilience above the short-term MAs indicate buyers remain in control.
A break below ~$3,230 would neutralize the bullish structure, but for now, bulls look reenergized.
-MW
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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.