Gold consolidating here after breaking $3000.
### **Forecast & Analysis:**
1. **Current Trend:**
- Gold is in an **uptrend**, as seen from the sharp price rise and price holding above key moving averages.
- The price is consolidating near the **$3,000 resistance** after a strong bullish rally.
2. **Support & Resistance Levels:**
- **Resistance:** Around **$3,000-$3,075** (psychological and technical level).
- **Support:**
- **Immediate:** Around **$2,963** (blue level).
- **Next:** **$2,930-$2,920** (red & blue levels).
- **Strong Support:** **$2,894** (purple level).
3. **Moving Averages:**
- The price is **above all moving averages**, indicating bullish momentum.
- If price stays above the **short-term moving average**, the rally can continue.
4. **Possible Scenarios:**
- **Bullish:** If price breaks and holds above **$3,000**, the next target is **$3,075-$3,100**.
- **Bearish Pullback:** If price **rejects $3,000**, it may correct towards **$2,963-$2,930** before a bounce.
### **Trading Plan:**
- **Buy on dips** near **$2,963-$2,930**, with a stop-loss below **$2,919**.
- **Breakout buy** above **$3,000** for a target of **$3,075+.**
- **Watch for rejection signs** at **$3,000** for a short-term sell trade.
### **Forecast & Analysis:**
1. **Current Trend:**
- Gold is in an **uptrend**, as seen from the sharp price rise and price holding above key moving averages.
- The price is consolidating near the **$3,000 resistance** after a strong bullish rally.
2. **Support & Resistance Levels:**
- **Resistance:** Around **$3,000-$3,075** (psychological and technical level).
- **Support:**
- **Immediate:** Around **$2,963** (blue level).
- **Next:** **$2,930-$2,920** (red & blue levels).
- **Strong Support:** **$2,894** (purple level).
3. **Moving Averages:**
- The price is **above all moving averages**, indicating bullish momentum.
- If price stays above the **short-term moving average**, the rally can continue.
4. **Possible Scenarios:**
- **Bullish:** If price breaks and holds above **$3,000**, the next target is **$3,075-$3,100**.
- **Bearish Pullback:** If price **rejects $3,000**, it may correct towards **$2,963-$2,930** before a bounce.
### **Trading Plan:**
- **Buy on dips** near **$2,963-$2,930**, with a stop-loss below **$2,919**.
- **Breakout buy** above **$3,000** for a target of **$3,075+.**
- **Watch for rejection signs** at **$3,000** for a short-term sell trade.
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.