Trend Context
The price is above the 200 EMA, suggesting a bullish bias in the broader trend. However, the proximity to resistance at 3,045 indicates potential short-term consolidation or pullback.
Interpretation
Bullish Case
- A decisive break above 3,045–3,048 could propel prices toward 3,064–3,080 (USD-side resistance levels).
- Sustained trading above the 200 EMA reinforces bullish sentiment.
Bearish Risks
- Failure to breach 3,045 may trigger profit-taking, pushing gold toward 3,020–3,000.
- A drop below 3,000 could signal a deeper correction to 2,982.668 (strong support).
Conclusion
Gold remains in a structurally bullish trend but faces immediate resistance at 3,045. Traders should monitor:
1. Breakout above 3,045 for confirmation of upward momentum.
2. Hold above 200 EMA (3,027.88) to maintain bullish bias.
A consolidation phase between 3,020–3,045 is likely in the short term, with directional bias dependent on the resolution of these key levels.
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.