Gold has formed a triangle pattern on the 15-minute timeframe. Given the recent flow of mostly gold-positive news, there is a chance that gold may attempt a breakout from this formation today.
From a demand perspective, the aggressive gold hoarding phase appears to be over, and "managed money" is gradually taking profits without triggering significant downward pressure. As a result, the medium-term outlook remains “sell the highs,” assuming current conditions persist. However, several short-term developments are providing support:
1- A dovish rate cut by the RBA
2- Jamie Dimon’s warning on market complacency amid stagflation risks
3- No Ukraine ceasefire in place, and Trump appears to be backing off threats against Russia following a call with Putin
4- Japan saw one of its weakest 20-year bond auctions
5- Several euro-positive headlines yesterday that could weigh on the dollar index
If these factors are enough to keep gold above the 3,200 support level today, a breakout above the 3,245 resistance could occur, potentially opening the way for a test of the major 3,270–3,290 resistance zone. Key levels to watch today are 3200 and 3245.
From a demand perspective, the aggressive gold hoarding phase appears to be over, and "managed money" is gradually taking profits without triggering significant downward pressure. As a result, the medium-term outlook remains “sell the highs,” assuming current conditions persist. However, several short-term developments are providing support:
1- A dovish rate cut by the RBA
2- Jamie Dimon’s warning on market complacency amid stagflation risks
3- No Ukraine ceasefire in place, and Trump appears to be backing off threats against Russia following a call with Putin
4- Japan saw one of its weakest 20-year bond auctions
5- Several euro-positive headlines yesterday that could weigh on the dollar index
If these factors are enough to keep gold above the 3,200 support level today, a breakout above the 3,245 resistance could occur, potentially opening the way for a test of the major 3,270–3,290 resistance zone. Key levels to watch today are 3200 and 3245.
Trade closed: target reached
Gold reached the 3270-3290 zone.
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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.