GOLD maintains a bullish bias, with the broader trend and structure supporting upside continuation. The recent intraday move appears to be an overbought corrective pullback toward a key prior consolidation area.
Key Support: 3392 – aligns with the previous consolidation zone and potential bullish inflection point.
Upside Targets:
3507 – initial resistance level
3557 and 3600 – medium to long-term bullish targets
If price finds support at 3392 and forms a bullish reversal, it would confirm the continuation of the uptrend toward the mentioned resistance levels.
However, a break and daily close below 3392 would invalidate the bullish scenario, suggesting deeper retracement toward 3347, with further support at 3294.
Conclusion
GOLD remains bullish above 3392. Look for a bounce from this level to confirm upside continuation. A daily close below 3392 would turn the outlook bearish, exposing lower support levels.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
Key Support: 3392 – aligns with the previous consolidation zone and potential bullish inflection point.
Upside Targets:
3507 – initial resistance level
3557 and 3600 – medium to long-term bullish targets
If price finds support at 3392 and forms a bullish reversal, it would confirm the continuation of the uptrend toward the mentioned resistance levels.
However, a break and daily close below 3392 would invalidate the bullish scenario, suggesting deeper retracement toward 3347, with further support at 3294.
Conclusion
GOLD remains bullish above 3392. Look for a bounce from this level to confirm upside continuation. A daily close below 3392 would turn the outlook bearish, exposing lower support levels.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
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.
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.