Technical Analysis - Gold Rejected at ResistanceGold is currently trading around $3,341 after facing a strong rejection from the $3,438 resistance area. This rejection coincided with the upper boundary of the trend channel and the main resistance zone, which also aligns with the Fibonacci 0.5–0.618 retracement levels. After the rejection, price fell below the descending trendline, indicating that short-term sellers have taken control.
On the downside, the immediate support sits at $3,324, which has acted as a short-term bounce level. A break below this could push gold lower toward $3,281 and potentially $3,254, which are key Fibonacci extension support levels. On the upside, the immediate hurdle is at $3,355–$3,360 (descending trendline). A breakout above this area will be critical for any bullish recovery attempt toward $3,381–$3,394 and eventually $3,420–$3,438.
At the moment, the short-term trend remains bearish because gold is trading below the descending resistance and showing lower highs. However, as long as gold holds above the $3,254 support zone, the medium-term structure remains neutral to bullish, giving bulls a chance if momentum shifts again.
Last week candle is pin bar bearish candle which is showing bearish momentum at the moment. The candle shows rejection near $3,400–$3,450, aligning with the triangle’s upper resistance trendline. If gold cannot reclaim and hold above last week’s high, price may drift lower to retest support zones around $3,248–$3,150 before another breakout attempt.
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