Hey everyone, looking at the chart, we can see that gold is still moving within a larger uptrend. However, it's now testing a key resistance trendline that has repeatedly caused price to reverse in the past.
The recent bounce from the $3,170 zone looks strong on the surface, but in reality, it's just retesting the $3,400 resistance area – where selling pressure could reappear. Price behavior is also showing signs of losing steam as it approaches previous highs.
If the price fails to break through the upper trendline, a pullback to the $3,400 support zone is the first likely scenario. A deeper move toward the $3,170 area – which previously triggered strong buying – could also unfold.
Summary: Price is currently testing a strong resistance zone. If it fails to break above, the likelihood of a corrective reversal increases. Watch the trendline reaction closely and plan accordingly!
The recent bounce from the $3,170 zone looks strong on the surface, but in reality, it's just retesting the $3,400 resistance area – where selling pressure could reappear. Price behavior is also showing signs of losing steam as it approaches previous highs.
If the price fails to break through the upper trendline, a pullback to the $3,400 support zone is the first likely scenario. A deeper move toward the $3,170 area – which previously triggered strong buying – could also unfold.
Summary: Price is currently testing a strong resistance zone. If it fails to break above, the likelihood of a corrective reversal increases. Watch the trendline reaction closely and plan accordingly!
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🔥 High-quality signals – Win rate up to 85%
📍 Accurate, verified technical analysis
⚡ Fast updates – Never miss a golden entry
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Top trading opportunities are waiting for you! : t.me/+aljKUwb-ar1jNDg1
🔥 High-quality signals – Win rate up to 85%
📍 Accurate, verified technical analysis
⚡ Fast updates – Never miss a golden entry
🔥 High-quality signals – Win rate up to 85%
📍 Accurate, verified technical analysis
⚡ Fast updates – Never miss a golden entry
Related publications
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.