According to the expected bullish gold scenario: The stability of the current gold price above the $3,200 resistance level increases the bullish outlook for gold prices in the coming days, according to the expectations of gold analysts today. Global banks and institutions have raised their expectations for the future of gold prices to bullish levels of $3,500 and $4,000 per ounce, respectively. This could happen quickly and in the shortest possible time if global geopolitical tensions escalate, central banks increase their gold buying, and the US dollar continues to decline.
According to the expected bearish gold scenario: Based on the performance on the daily chart above, the initial break of the trend will not occur without the price of an ounce of gold returning below $3,000 as a first step. A downward channel will be confirmed for gold prices, moving towards the next important support level, $2,940 per ounce. This requires calming global demand for gold and a return to normal global trade before the imposition of US tariffs.
According to the expected bearish gold scenario: Based on the performance on the daily chart above, the initial break of the trend will not occur without the price of an ounce of gold returning below $3,000 as a first step. A downward channel will be confirmed for gold prices, moving towards the next important support level, $2,940 per ounce. This requires calming global demand for gold and a return to normal global trade before the imposition of US tariffs.
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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.