Bullish Setup on Gold: Correction hints continuation opportunityOANDA:XAUUSD is trading within a well-defined ascending channel, signaling strong bullish momentum. The price has consistently formed higher highs and higher lows, which aligns with the continuation of the uptrend. The recent pullback appears to be a healthy correction within the overall uptrend , allowing the market to potentially reset before continuing its upward trajectory within the ascending channel.
This pullback is offering a potential re-entry point for buyers, if key support levels hold. This would reinforce the bullish structure and increase the likelihood of a move toward the 3,680 price, which aligns with the channel’s upper boundary.
As long as the price remains above the support zone, the bullish outlook stays intact. However, a failure to hold above this level could invalidate the bullish scenario and increase the likelihood of a pullback toward the channel’s lower boundary.
XAUUSD trade ideas
Gold - 25% crash to 2650, then pump to 7000! (must see)A crash to 2650 is very likely in the next few weeks! Why? Let's take a look at the most popular oscillators - RSI, MACD and STOCHASTIC.
Let's start with the RSI indicator on the monthly chart. The RSI indicator moves between 0 and 100. What we can see here is a strong horizontal resistance at the 85 level in the overbought region. Every time gold hits this strong resistance, a huge crash follows, specifically in 2006, 2008, 2020, and now in 2025. So this is a sell signal. We don't want to chase gold, while the RSI indicator is at such high levels - we want to wait for a pullback.
The next is the MACD indicator - the histogram hit a new all-time high on gold. We have never seen such crazy levels on gold. The histogram is currently too far away from the 0 line, which is a sign of an extremely overbought market. What we want to do here is to wait for the histogram to return to 0 and buy. There isn't really any bearish sign on the MACD indicator yet, but if you want to wait for a confirmation, then wait for a first downtick on the histogram and sell.
The last very popular indicator is STOCHASTIC . This indicator pretty much screams to sell, because both lines have been in the overbought territory since 2023. Plus, we have a bearish crossover this month (if the candle closes like today's price). To see this bearish crossover, you have to zoom in. So this indicator is giving us a bearish signal to sell gold.
Additional bearish reasons: The first reason is that the price of gold just hit a major trendline on the monthly chart. Monthly charts are incredibly powerful, so you want to make sure to know what is going on here. Always trade with a valid trend. The next reason is an untested POC on the volume profile. This POC is exactly at 2650, so this should be a great buying opportunity!
Please write a comment below and let me know what you think about this upcoming crash on GOLD? And are you bullish or bearish? Also hit the like button for more ideas on gold, so I know you are interested!
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Lingrid | GOLD Weekly Analysis: CORRECTIVE Phase after the SurgeOANDA:XAUUSD market initially rallied during the week, reaching the key 3500 level. However, we have a corrective move, showing a bit of profit taking as traders are looking to the tariff noise for direction. The market made a sharp decline resulting in a long-tailed bearish bar on the weekly timeframe, suggesting the price may continue pushing lower toward the 3150 support levels. The price shows similar price action to what we saw at the beginning of this month when a market decline was followed by a week of sideways movement, which then led to continuation of the bullish trend.
I think we might see 2 scenarios to identify the potential endpoint of this corrective move. On the daily timeframe, the price is near the 50% retracement of the bullish swing move, which may be a potential level for continuation. The second scenario is an ABCD pullback where price dips below the 3200 level to find support. In any case, we should react to the price action and how it develops. If the Monday candle gaps up, this potentially indicates that price may move higher. And if we get a gap down, then we can expect a deeper pullback in the market.
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GOLD → The chances of a further decline are growing...FX:XAUUSD continues to test support at 3270 for a breakout. Any de-escalation of the conflict between the US and China could trigger a price drop. But it's not that simple...
Gold under pressure amid tariff war and ahead of US data
On Monday, gold is testing last week's low of $3260, remaining under pressure from a strengthening dollar and easing trade risks between the US and China.
Investors are preparing for the release of key US GDP and labor market data, which could influence expectations for Fed rates. Against this backdrop, the correction in gold could be replaced by growth if macro statistics turn out to be weak and geopolitical risks remain.
Another retest of support could trigger a breakout. It is necessary to monitor the situation between China and the US. Any de-escalation will trigger a decline.
Resistance levels: 3299, 3326
Support levels: 3268.9, 3245, 3232
Since the opening of the session, the potential for a further decline has been exhausted. Gold may strengthen to the indicated resistance zones. A false breakout of 3300/3326 could trigger a decline, which could bring the price closer to the support breakout of 3270.
With respect, R. Linda!
GOLD Technical Analysis - Deeper Pullback in PlayOANDA:XAUUSD remains within a broader ascending channel, but recent price action suggests that the market is undergoing a deeper corrective phase. Following a prolonged bullish rally, price appears overextended and is now pulling back more decisively.
This correction aligns with expectations for a healthy retracement after such strong upward momentum. I anticipate that the pullback will extend further toward the $3,160 level, a key technical level defined by the confluence of horizontal support, ascending trendline support, and the 0.618 Fibonacci retracement of the latest bullish impulse.
This zone will be critical for determining whether the broader bullish structure remains intact. If price holds at this level and shows signs of reversal, it may present a strong re-entry opportunity for buyers. However, a decisive break below this zone would invalidate the current bullish structure and open the door to a deeper correction.
Always confirm your setups and trade with a proper risk management.
Best of luck!
Lingrid | GOLD Wednesday's HIGH-LOW to Determine Next DirectionOANDA:XAUUSD continues its consolidation after falling from the resistance zone. It consistently respects the downward trendline, repeatedly bouncing lower from this barrier. The market recently formed a triangle pattern and broke through it, though notably without triggering major sell-offs. Currently, price action is testing the previous day's low. However, I believe the price may retest Wednesday's low since price is trading within Wednesday's range. This has formed an inside bar candlestick pattern on the daily timeframe, suggesting the next decisive move will occur following a breakout beyond Wednesday's low or high boundaries. Overall, I expect the sideways movement to continue until next week, with closely watching these key levels for potential signals. My goal is resistance zone around 3355
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GOLD - Price can continue to move up inside rising channelHi guys, this is my overview for XAUUSD, feel free to check it and write your feedback in comments👊
Long time price rising near the support line, but later it made a correction movement, breaking this line.
Then price had a sharp impulse that confirmed bullish structure and started to grow inside a rising channel.
After reaching the top boundary, the price reversed and started a pullback to the support area near $3265.
This zone also aligns with the channel base and acted as a bounce point before, making it a strong technical level.
Now the price is consolidating above this support, forming a higher low, which may confirm continuation.
As long as price holds, and I expect it to bounce from support line and push toward $3480 channel resistance.
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Lingrid | GOLD correction Phase Following RESISTANCE RejectionOANDA:XAUUSD market bounced off the resistance and dropped, creating approximately a -6% correction after the previous bullish momentum. Price action formed a gap which was subsequently filled. Notably, this corrective move mirrors a similar pattern observed at the beginning of this month when the market also corrected by -6.6%. Currently, the price is testing the previous week's high area, which may establish itself as a support zone. Following such a rapid decline, price typically enters a consolidation phase - we might see sideways movement around the 3300 level for some time. However, if we get a rejection candles forming at current levels, I expect the price to move higher and retest the recent resistance zone. My goal is resistance zone around 3500
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GOLD → A false breakdown of support will lead to growthFX:XAUUSD is trading within the range of 3370-3270. Since the opening of the session, the price has lost its potential for further decline. There is no news on Friday, so after retesting the liquidity and support zone of 3283-3270, the price is likely to return to growth.
Gold stabilizes near $3,350, but growth is held back by the dollar
On Friday, gold held its ground after recovering, but further growth is limited by the strengthening dollar and hopes for progress in the tariff war negotiations...
Optimism about corporate earnings in the US and easing recession fears are supporting demand for the dollar. However, ongoing uncertainty in US-China relations is keeping interest in gold alive.
Markets are waiting for new signals from the White House and the Fed, which will determine the further movement of gold prices towards the end of the week.
Focus on supporting the trading range. A false breakdown of 3283-3270 could change the balance of power, leading to a rebound or growth.
Resistance levels: 3314, 3342, 3370
Support levels: 3283, 3270, 3244
There is no news today, except for the unpredictable Trump and the general situation with the tariff war. Any speech or tweet could shake the market. However, after a neutral week, gold remained within the range, and the market is likely to keep the metal within the flat on Friday. Accordingly, I expect a rebound from support and growth to the intermediate resistance lines indicated above.
Best regards, R. Linda!
GOLD → False breakdown and change of mood...FX:XAUUSD is strengthening after a false breakdown of support at 3288, with the change in fundamental sentiment due to US statements on the tariff war also providing support for the price.
On Thursday, gold rose from a weekly low of $3,260, supported by a weaker dollar and renewed concerns about US trade negotiations with China and Japan.
Optimism about tariff cuts quickly faded after denials from the White House. Weak US business activity data is fueling talk of a possible Fed policy easing, which is also supporting gold. The markets remain focused on trade news and Trump's statements.
Technically, gold could reach the liquidity cluster at 3314 and continue to rise towards strong resistance at 3370.
Resistance levels: 3342, 3370, 3387
Support levels: 3314, 3288, 3270
Below 3314 and below 3288, a liquidity pool has formed, which the market is likely to test before continuing its growth. It is too early to talk about a resumption of a strong rally, as the situation between the US and China is complicated, as are the negotiations on the situation in Eastern Europe, which seem to be moving towards talks, but every time something goes wrong...
Best regards, R. Linda!
THE KOG REPORT THE KOG REPORT:
In last week’s KOG Report we said we would be looking for the price to continue upside into the region given which gave us a fantastic capture for the start of the week. We then had to adapt as the bias level and targets on the red box indi changed suggesting more upside. We continued to complete all our bias above targets as well as Excalibur and LiTE giving us 100% again for the week!
It wasn’t easy as it sounds, it took a lot of work and constant monitoring but the pip capture on gold was out of this world and well worth it!
So, what can we expect from the week ahead?
For this week we seem to be creating a DB on the 4hr chart which entails caution. We have resistance just above at the 3330-35 with extension 3240-45 region which if attacked and rejected in the early session could give the potential short trade into the support level 3295-8 which is the key level that needs to break for us to go lower.
There is a lot of liquidity above, especially those who like us shorted and held trades from the 3450 levels so the bias this week changes to the 3350-55 level, break above and we will confirm the move higher, otherwise, our thoughts are a test is likely on the high but we would like to get that long from lower to again create a new ATH.
Let’s see how we open, these markets need to be adapted to every day so making long terms plans as intra-day traders isn’t on our agenda at the moment. The market is giving short term, so why not take advantage of the conditions while they last.
Potential for gaps on open so please be careful, we’re on red boxes and extreme levels only.
RED BOXES INDI LEVELS:
Break above 3320 for 3327, 3330, 3335, 3345, 3347 and above that 3362 in extension of the move
Break below 3310, for 3306, 3297, 3295, 3280, 3266 and 3255 in extension of the move
Even the scalping levels are HUGE!
Please do support us by hitting the like button, leaving a comment, and giving us a follow. We’ve been doing this for a long time now providing traders with in-depth free analysis on Gold, so your likes and comments are very much appreciated.
As always, trade safe.
KOG
GOLD → Consolidation ahead of news. What to expect?FX:XAUUSD is consolidating. Focus on 3370 - 3269. Economic data is expected tomorrow, and gold is likely to trade within the consolidation range for several days.
Optimism about US trade talks with key partners boosted risk appetite and supported the dollar. The US Treasury Secretary reported progress with India, while President Trump softened his rhetoric on China, which also strengthened the dollar. At the same time, traders took a wait-and-see stance ahead of the release of US GDP data for the first quarter. If the figures turn out to be weak, gold could rise sharply as a safe-haven asset. Thus, the gold market remains sensitive to trade news and macro data, especially against the backdrop of rebalancing at the end of April.
At the moment, as part of the current momentum and correction, I expect prices to recover from the 0.5 - 0.7 Fibonacci zone. Gold may test 3323-3325 before resuming its correction within the consolidation.
Resistance levels: 3323, 3352, 3370
Support levels: 3290, 3270
Traders are waiting for a resolution in the tariff dispute as well as economic data due tomorrow. However, while the price is consolidating, I expect a rebound from support. BUT! If the price continues to squeeze towards any boundary, with priority to support, then the chances of a breakout from the consolidation base may increase.
Best regards, R. Linda!
XAU/USD - Bearish Flag Pattern (25.04.2025)The XAU/USD Pair on the M30 timeframe presents a Potential Selling Opportunity due to a recent Formation of a Bearish Flag Pattern. This suggests a shift in momentum towards the downside in the coming hours.
Possible Short Trade:
Entry: Consider Entering A Short Position around Trendline Of The Pattern.
Target Levels:
1st Support – 3232
2nd Support – 3188
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GOLD 1H CHART ROUTE MAP & TRADING PLAN FOR THE WEEKHey Everyone,
Please see our updated 1h chart levels and targets for the coming week.
We are seeing price play between two weighted levels with a gap above at 3344 and a gap below at 3306. We will need to see ema5 cross and lock on either weighted level to determine the next range. EMA5 is lagging below 3306 so will need a close above and then below to confirm.
We will see levels tested side by side until one of the weighted levels break and lock to confirm direction for the next range.
We will keep the above in mind when taking buys from dips. Our updated levels and weighted levels will allow us to track the movement down and then catch bounces up.
We will continue to buy dips using our support levels taking 30 to 40 pips. As stated before each of our level structures give 20 to 40 pip bounces, which is enough for a nice entry and exit. If you back test the levels we shared every week for the past 24 months, you can see how effectively they were used to trade with or against short/mid term swings and trends.
The swing range give bigger bounces then our weighted levels that's the difference between weighted levels and swing ranges.
BULLISH TARGET
3344
EMA5 CROSS AND LOCK ABOVE 3344 WILL OPEN THE FOLLOWING BULLISH TARGETS
3367
POTENTIALLY 3390
EMA5 CROSS AND LOCK ABOVE 3390 WILL OPEN THE FOLLOWING BULLISH TARGET
3428
EMA5 CROSS AND LOCK ABOVE 3428 WILL OPEN THE FOLLOWING BULLISH TARGET
3458
EMA5 CROSS AND LOCK ABOVE 3458 WILL OPEN THE FOLLOWING BULLISH TARGETS
3478
POTENTIALLY
3503
BEARISH TARGETS
3306
EMA5 CROSS AND LOCK BELOW 3306 WILL OPEN THE RETRACEMENT RANGE
3285
3259
EMA5 CROSS AND LOCK BELOW 3259 WILL OPEN THE SWING RNGE
3233
3201
EMA5 CROSS AND LOCK BELOW 3201 WILL OPEN THE SECONDARY SWING RANGE
SECONDARY SWING RANGE
3159 - 3112
As always, we will keep you all updated with regular updates throughout the week and how we manage the active ideas and setups. Thank you all for your likes, comments and follows, we really appreciate it!
Mr Gold
GoldViewFX
GOLD ROUTE MAP UPDATEHey Everyone,
Great start to the week with our chart idea playing out perfectly inline with our plans to buy dips.
We got our bearish targets 3306 and then into the retracement range like we analysed and then the perfect bounce now heading towards our Bullish targets.
We will look for a test and break above 3344 for a continuation or failure to test and lock above this level will se price play back into the lower Goldturns for support.
We will keep the above in mind when taking buys from dips. Our updated levels and weighted levels will allow us to track the movement down and then catch bounces up.
We will continue to buy dips using our support levels taking 30 to 40 pips. As stated before each of our level structures give 20 to 40 pip bounces, which is enough for a nice entry and exit. If you back test the levels we shared every week for the past 24 months, you can see how effectively they were used to trade with or against short/mid term swings and trends.
The swing range give bigger bounces then our weighted levels that's the difference between weighted levels and swing ranges.
BULLISH TARGET
3344
EMA5 CROSS AND LOCK ABOVE 3344 WILL OPEN THE FOLLOWING BULLISH TARGETS
3367
POTENTIALLY 3390
EMA5 CROSS AND LOCK ABOVE 3390 WILL OPEN THE FOLLOWING BULLISH TARGET
3428
EMA5 CROSS AND LOCK ABOVE 3428 WILL OPEN THE FOLLOWING BULLISH TARGET
3458
EMA5 CROSS AND LOCK ABOVE 3458 WILL OPEN THE FOLLOWING BULLISH TARGETS
3478
POTENTIALLY
3503
BEARISH TARGETS
3306 - DONE
EMA5 CROSS AND LOCK BELOW 3306 WILL OPEN THE RETRACEMENT RANGE
3285 - DONE
3259
EMA5 CROSS AND LOCK BELOW 3259 WILL OPEN THE SWING RNGE
3233
3201
EMA5 CROSS AND LOCK BELOW 3201 WILL OPEN THE SECONDARY SWING RANGE
SECONDARY SWING RANGE
3159 - 3112
As always, we will keep you all updated with regular updates throughout the week and how we manage the active ideas and setups. Thank you all for your likes, comments and follows, we really appreciate it!
Mr Gold
GoldViewFX
GOLD market update: range locked / breakout pending🏆 Gold Market Mid-Term Update
📊 Technical Outlook Update
🏆 Market Overview
▪️broke above 3 000 USD
▪️3250 USD S/R cleared as well
▪️Tested 3500 USD key S/R
▪️Rejection at 3500 USD key S/R
▪️pullback in progress currently
▪️locked inside range trading
▪️3275/3365 usd active range
▪️break below 3245 - BEARS take over
▪️break above 3385 - BULLS take over
▪️Bulls targets - 3450/3550 USD
▪️Bears targets - 3050/3150 USD
⭐️Recommended strategy
▪️Wait for a breakout
▪️LONG/SHORT after breakout
🔥 Key Drivers to Watch
🌍 Geopolitics & Trade
🇺🇸🇨🇳 U.S.–China Tariffs: Escalation continues pushing inflation fears & gold demand
🇪🇺 EU–U.S. tariffs (25%) are further straining global trade
💵 Weaker USD = stronger gold sentiment
🕊 Russia–Ukraine Ceasefire Talks
🗓 May 9 (Victory Day): Symbolic date eyed for a possible ceasefire announcement
🇷🇺 Parade vs 🇺🇦 EU leaders visiting Kyiv — all eyes on peace prospects
☢️ U.S.–Iran Nuclear Deal
🗓 April 28: Talks in Rome
🇮🇷 Iran shows readiness — possible easing of Middle East tensions
GOLD may enter accumulation when the market lacks impact Spot OANDA:XAUUSD prices were broadly steady in Asian trade on Friday (April 25) after a sharp rise in the previous trading day. The current price of gold is around $3,341/ounce, down from the $3,371 price target that readers noted in yesterday's edition. Spot gold prices jumped on Thursday, snapping a nearly 3% decline the previous day, helped by a weaker US dollar and bargain-hunting as investors kept a close eye on the latest news on tariff negotiations.
Market Highlights
Gold prices rebounded on Thursday after their biggest drop this year as bargain hunters entered the market, Bloomberg reported.
China's official broadcaster CCTV reported Thursday that the Wall Street Journal reported that Trump is considering a plan to impose tiered tariffs on China, and White House press secretary Levitt said Trump's stance on tariffs on China "has not softened."
"This is all fake news. As far as I know, China and the United States have never consulted or negotiated on tariffs, let alone reached an agreement. This tariff war was initiated by the United States, and China's attitude is consistent and clear: if you want to fight, we will fight to the end; if you want to negotiate, the door is open. Dialogue and negotiation must be equal, respectful and mutually beneficial," said Chinese Foreign Ministry spokesman Guo Jiakun.
Cleveland Fed President Hammack made it clear in an interview on Thursday that the Fed has essentially ruled out a rate cut in May. But she also delivered a key message, saying that if there is clear evidence of the economy’s direction, there will be room for policy action in June.
When asked if a rate cut was possible in June, Hammack said: “If we get clear and compelling data in June, then I think the committee will act, assuming we have a clear understanding of the right path for policy at that point.” Markets reacted quickly after Hammack’s remarks, with interest rate swaps indicating the likelihood of a rate cut by the Federal Reserve in June rising to around 65%.
Technical Outlook Analysis OANDA:XAUUSD
After achieving the target increase twice, which readers should pay attention to in the previous day's publication at 3,371 USD, the price point of the Fibonacci retracement of 0.236%, the recovery momentum of gold is being controlled and limited.
In the short term, gold is likely to enter a sideways accumulation phase, waiting for more fundamental breakthroughs. The expected accumulation area is around 3,371 - 3,292 USD, which are the positions of the Fibonacci retracement of 0.236% and 0.382%.
However, with the current position, the main outlook is still bullish in the long term with the trend from the price channel as the main trend and support from the EMA21 as the main support.
During the day, the expectation of short-term accumulation in the main uptrend will be noted by the following levels.
Support: 3,300 – 3,292 USD
Resistance: 3,371 USD
SELL XAUUSD PRICE 3411 - 3409⚡️
↠↠ Stop Loss 3415
→Take Profit 1 3403
↨
→Take Profit 2 3397
BUY XAUUSD PRICE 3204 - 3206⚡️
↠↠ Stop Loss 3200
→Take Profit 1 3212
↨
→Take Profit 2 3218
GOLD(XAUUSD) -Weekly Forecast,Technical Analysis & Trading IdeasMidterm forecast:
2772.38 is a major support, while this level is not broken, the Midterm wave will be uptrend.
TVC:GOLD OANDA:XAUUSD
Technical analysis:
A trough is formed in daily chart at 2956.50 on 04/07/2025, so more gains to resistance(s) 3357.00, 3500.00 and more heights is expected.
Take Profits:
2833.00
2879.11
2955.00
3057.40
3160.00
3257.03
3357.00
3500.00
__________________________________________________________________
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Be sure to leave a comment; let us know how you see this opportunity and forecast.
Have a successful week,
ForecastCity Support Team
GOLD DAILY CHART ROUTE MAP UPDATE
Hey Everyone,
Another smashing day on the charts today with our analysis playing out perfectly. This is an update from yesterday, which you can read below for continuity.
After completing the target yesterday we stated We are now looking for support above the channel top for a continuation or a ema5 lock inside the channel will see price play back into the channel levels.
- We got the support and bounce just outside the channel, just like we said and perfectly inline with our plans to buy dips.
This is now a crucial range test with either support here for a continuation or a break back into the channel. We will be looking for ema5 to confirm the break or failure to identify rejection.
Thank you all for your likes, comments and follows, we really appreciate it!
Mr Gold
GoldViewFX
YESTERDAYS UPDATE
Hey Everyone,
After updating our 1H and 4h chart idea last two days, please see update on our daily chart idea also playing out perfectly.
On our last update we stated that we were seeing price break out of the channel but will need ema5 to lock outside of the channel to confirm the breakout into the next level.
We got the candle body above 3297 and ema5 lock opening 3433 - This was hit perfectly completing this target. No further close above this level confirmed the rejection.
We are now looking for support above the channel top for a continuation or a ema5 lock inside the channel will see price play back into the channel levels.
This is the beauty of our Goldturn channels, which we draw in our unique way, using averages rather than price. This enables us to identify fake-outs and breakouts clearly, as minimal noise in the way our channels are drawn.
We will use our smaller timeframe analysis on the 1H and 4H chart to buy dips from the weighted Goldturns for 30 to 40 pips clean. Ranging markets are perfectly suited for this type of trading, instead of trying to hold longer positions and getting chopped up in the swings up and down in the range.
We will keep the above in mind when taking buys from dips. Our updated levels and weighted levels will allow us to track the movement down and then catch bounces up using our smaller timeframe ideas.
Our long term bias is Bullish and therefore we look forward to drops from rejections, which allows us to continue to use our smaller timeframes to buy dips using our levels and setups.
Buying dips allows us to safely manage any swings rather then chasing the bull from the top.
Thank you all for your likes, comments and follows, we really appreciate it!
Mr Gold
GoldViewFX
Lingrid | GOLD Market COMPRESSION: Coiling Up Before BREAKOUTOANDA:XAUUSD is forming a potential triangle pattern after bouncing from support near 3,220, where multiple key levels converge. The price is holding above the short-term upward trend-line, showing signs of compression. If buyers defend this area again, we could see a breakout toward the 3,380 resistance. Until then, the pair remains in a consolidation phase.
📈 Key Levels
Buy zone: 3,280 – 3,290
Buy trigger: bounce from trend-line
Target: 3,380
Sell trigger: break below 3,280 with confirmation
💡 Risks
Gold remains sensitive to USD news — strong data can limit upside.
A sudden break of the triangle base may shift bias to bearish.
Volatility expected ahead of key macro releases this week.
Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩💻
Gold can break support level and continue to declineHello traders, I want share with you my opinion about Gold. For a while, Gold was confidently moving within an upward channel, with each impulse supported by rebounds from the lower boundary. After breaking out of the buyer zone, the price made a strong bullish move, supported by momentum and healthy corrections. This movement continued up to the current support level at 3285, where the price began to stall. Then, a classic Head and Shoulders pattern has now fully formed. The left shoulder, head, and right shoulder are all visible and aligned with the support area, which now acts as the neckline of the pattern. This isn't random, it's a well-defined reversal signal forming after an extended bullish leg. The rejection from the right shoulder shows evident seller control, and the price is now testing the neckline from below. The support area has already been broken once, and any bounce from here appears corrective rather than impulsive. Given this setup, I expect that price can fully breakdown toward the 3060 level, which acts as both a strong historical support and my TP1. Please share this idea with your friends and click Boost 🚀
GOLD → Reversal or correction? What to do now?FX:XAUUSD reaching the psychological high of $3500 has entered the correction phase, which was also influenced by a slight easing of the tariff conflict between the U.S. and China....
After falling without reaching the zone of interest 3288, the gold price is strengthening at the beginning of the European session, expecting PMI data from the U.S.. Earlier, the metal reached a record of $3,500, but rolled back amid hopes for an easing of the trade war with China and words of the US Treasury Secretary about a possible “détente”.
The dollar recovered as part of the correction, but investors doubt Trump's predictability, gold at this time begins a correction. In the center of attention is the PMI index from S&P Global: its results may affect expectations for Fed Funds rates and give a new direction to the market.
Resistance levels: 3340, 3360, 3366
Support levels: 3317, 3288
Technically gold is in correction and confirms the bearish structure. But any unexpected statement by Trump may attract aggressive buying.
Nevertheless, we should now consider a possible decline from 3340 - 3360 - 3366. Buying could be considered on a retest of support or a close above 3370.
Regards R. Linda!