Gold has been moving in a downtrend, and there's a clear descending trendline marked in red. The price has just reached that trendline right around the 3316 level, which also aligns with a horizontal resistance at 3329 — making this a very strong resistance zone.
The price surged from the support area near 3224, breaking through minor resistances until it...
Gold has broken out of a sideways trading range that lasted for about two weeks, between the resistance level at 3345 and the support level at 2275.
Currently, gold is leaning toward a bearish outlook, targeting the 61.8% Fibonacci retracement level of the latest upward wave, which started in late November and peaked at $3500 earlier this month.
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