Gold’s price action sentiment remains bullish, underpinned by a well-established rising trend. However, recent intraday movement suggests a corrective pullback or short-term consolidation, likely in response to overbought conditions or short-term profit-taking.
Key Technical Levels:
Support:
3,330 – Key short-term support and previous consolidation zone; the critical pivot level for trend continuation.
3,315 – Secondary support; minor structural level.
3,300 – Psychological and technical support; near-term bearish target on a breakdown.
Resistance:
3,390 – Immediate upside target on a bullish continuation.
3,420 – Medium-term resistance; aligns with prior highs.
3,450 – Longer-term target, marking the upper boundary of the current bullish channel.
Scenario Analysis:
Bullish Continuation (Base Case):
If Gold maintains above the 3,330 level and confirms a bullish bounce, the broader uptrend is expected to resume, with upside targets at 3,390, followed by 3,420 and 3,450 over time.
Bearish Reversal (Alternative Scenario):
A daily close below 3,330 would negate the short-term bullish structure, exposing the market to deeper retracements toward 3,315 and 3,300, where further demand could emerge.
Conclusion:
Gold remains in a bullish trend, with the current pullback seen as corrective. The 3,330 level is a critical inflection point: holding above it supports further upside momentum, while a breakdown below this level would challenge the bullish outlook and potentially signal a deeper retracement. Traders should monitor price action around this zone for directional confirmation.
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 Technical Levels:
Support:
3,330 – Key short-term support and previous consolidation zone; the critical pivot level for trend continuation.
3,315 – Secondary support; minor structural level.
3,300 – Psychological and technical support; near-term bearish target on a breakdown.
Resistance:
3,390 – Immediate upside target on a bullish continuation.
3,420 – Medium-term resistance; aligns with prior highs.
3,450 – Longer-term target, marking the upper boundary of the current bullish channel.
Scenario Analysis:
Bullish Continuation (Base Case):
If Gold maintains above the 3,330 level and confirms a bullish bounce, the broader uptrend is expected to resume, with upside targets at 3,390, followed by 3,420 and 3,450 over time.
Bearish Reversal (Alternative Scenario):
A daily close below 3,330 would negate the short-term bullish structure, exposing the market to deeper retracements toward 3,315 and 3,300, where further demand could emerge.
Conclusion:
Gold remains in a bullish trend, with the current pullback seen as corrective. The 3,330 level is a critical inflection point: holding above it supports further upside momentum, while a breakdown below this level would challenge the bullish outlook and potentially signal a deeper retracement. Traders should monitor price action around this zone for directional confirmation.
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.