Gold is on a relentless hunt for the $2,720 level, navigating through a well-defined ascending channel where the upper boundary has acted as long-term resistance and the lower boundary as dynamic support. The price has respected this structure, with multiple touches reinforcing its integrity. However, a recent double top near the upper boundary signals potential bullish exhaustion, increasing the probability of a downside move. If the price remains below this key level, further declines are likely, with $2,720 emerging as a crucial support zone—aligned with the golden pocket on the Fibonacci retracement, making it a prime area for a reaction.
The Alternative Scenario: The New Economy's Bullish Case
Despite the bearish structure, gold in the new economy presents an alternative bullish outlook. A smaller bullish channel has formed between $2,789 and $2,855, suggesting that buyers are still in control within this range. If this mini uptrend holds, it could fuel another breakout attempt above recent highs, invalidating the bearish scenario and positioning gold for a renewed push toward higher levels.
For now, gold is at a crossroads, with $2,720 as the primary target on the downside—but if buyers defend this level or sustain the new bullish channel, the uptrend may persist in the evolving economic landscape.
The Alternative Scenario: The New Economy's Bullish Case
Despite the bearish structure, gold in the new economy presents an alternative bullish outlook. A smaller bullish channel has formed between $2,789 and $2,855, suggesting that buyers are still in control within this range. If this mini uptrend holds, it could fuel another breakout attempt above recent highs, invalidating the bearish scenario and positioning gold for a renewed push toward higher levels.
For now, gold is at a crossroads, with $2,720 as the primary target on the downside—but if buyers defend this level or sustain the new bullish channel, the uptrend may persist in the evolving economic landscape.
Trade active
The order is canceled and no longer valid.Gold has defied all expectations, refusing to drop to the $2,720 level and invalidating the recent double top near the upper boundary, which initially signaled potential bullish exhaustion. Instead of confirming a downside move, gold surged to a historic milestone, reaching $3,004 for the first time in history.
This unprecedented rally underscores the growing instability in global markets and the increasing shift back toward gold as a standard. With mounting geopolitical tensions and the looming risk of a conflict between major world powers, investors have sought refuge in gold, viewing it as a safe-haven asset amid uncertainty.
Now, with gold at $3,000, we find ourselves in uncharted territory. The market requires further validation moves to determine whether this momentum will continue or if a correction is imminent. The coming days will be crucial in defining the next major trend, as gold stands at the center of a rapidly evolving economic and geopolitical landscape.
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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.