Gold is attempting to break above the well-established horizontal resistance near $3,430, which has capped price action since April. The metal continues to respect its ascending trendline from the December 2024 low, supported by the rising 50-day SMA ($3,344). The lower boundary of the consolidation range is marked near $3,245, making this a textbook triangle/range structure within a broader uptrend.
Momentum indicators support the bullish case:
MACD has crossed bullish above the signal line, although still near the zero line.
RSI is rising and sits at 55.46, showing room for further upside before entering overbought territory.
If bulls succeed in securing a daily close above $3,430, this would confirm a bullish breakout from multi-month consolidation, potentially opening the door to a fresh leg higher. On the downside, any failure to break out cleanly may lead to a retest of the ascending trendline and the $3,245 support area.
Summary:
Gold remains in an uptrend and is challenging the top of a 4-month range.
Break above $3,430 would signal bullish continuation.
MACD and RSI both point to building momentum.
Support lies at $3,344 (50 SMA) and $3,245 (range low).
Patience is key here—traders may wait for confirmation of a breakout or watch for rejection candles near resistance to determine the next directional bias.
-MW
Momentum indicators support the bullish case:
MACD has crossed bullish above the signal line, although still near the zero line.
RSI is rising and sits at 55.46, showing room for further upside before entering overbought territory.
If bulls succeed in securing a daily close above $3,430, this would confirm a bullish breakout from multi-month consolidation, potentially opening the door to a fresh leg higher. On the downside, any failure to break out cleanly may lead to a retest of the ascending trendline and the $3,245 support area.
Summary:
Gold remains in an uptrend and is challenging the top of a 4-month range.
Break above $3,430 would signal bullish continuation.
MACD and RSI both point to building momentum.
Support lies at $3,344 (50 SMA) and $3,245 (range low).
Patience is key here—traders may wait for confirmation of a breakout or watch for rejection candles near resistance to determine the next directional bias.
-MW
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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.