Current Price Action:
Gold is currently trading at around $3,442, nearing the upper boundary of a well-defined upward-sloping channel. The latest candle shows bullish momentum with a strong close near the daily high, indicating continued buying pressure.
Key Observations:
Trend Structure:
The overall trend remains bullish, with higher highs and higher lows clearly visible.
Price is approaching a critical Fibonacci extension level (1.618), which could act as resistance.
Channel Dynamics:
Price is within a parallel ascending channel.
It is currently testing the upper channel boundary, which may either lead to a breakout or a rejection.
Support & Resistance Levels:
Immediate resistance: $3,442 (Fibonacci extension & channel resistance).
Major resistance: $3,500 (ATH - All-Time High).
Key support levels: $3,275, $3,114, and $3,057 (marked horizontal levels, also align with Fibonacci retracement zones).
Rejection Zones:
Historically, price has reversed at similar extension levels.
If rejection occurs, a pullback to the midline or lower channel boundary is likely.
Forecast:
If the current bullish momentum continues and price breaks above the channel resistance, we could see a move toward the ATH at $3,500 and potentially higher.
However, if the price faces resistance and fails to break above $3,442–$3,450, a short-term pullback to around $3,275–$3,114 is possible. This would offer a healthier correction within the broader uptrend.
The bullish structure remains valid as long as price stays above $3,057.
Gold is currently trading at around $3,442, nearing the upper boundary of a well-defined upward-sloping channel. The latest candle shows bullish momentum with a strong close near the daily high, indicating continued buying pressure.
Key Observations:
Trend Structure:
The overall trend remains bullish, with higher highs and higher lows clearly visible.
Price is approaching a critical Fibonacci extension level (1.618), which could act as resistance.
Channel Dynamics:
Price is within a parallel ascending channel.
It is currently testing the upper channel boundary, which may either lead to a breakout or a rejection.
Support & Resistance Levels:
Immediate resistance: $3,442 (Fibonacci extension & channel resistance).
Major resistance: $3,500 (ATH - All-Time High).
Key support levels: $3,275, $3,114, and $3,057 (marked horizontal levels, also align with Fibonacci retracement zones).
Rejection Zones:
Historically, price has reversed at similar extension levels.
If rejection occurs, a pullback to the midline or lower channel boundary is likely.
Forecast:
If the current bullish momentum continues and price breaks above the channel resistance, we could see a move toward the ATH at $3,500 and potentially higher.
However, if the price faces resistance and fails to break above $3,442–$3,450, a short-term pullback to around $3,275–$3,114 is possible. This would offer a healthier correction within the broader uptrend.
The bullish structure remains valid as long as price stays above $3,057.
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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.
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.