Gold Poised for a Breakout After Sideways ConsolidationGold has retraced to the 3300 level and remained range-bound for an extended period. This prolonged consolidation suggests that a sharp breakout may be imminent, with the next move — whether up or down — likely to be swift and volatile.
Looking at the 2-hour chart, the current price structure is complex. It could be interpreted as a potential double top, but it also resembles the early formation of an inverse head and shoulders, which makes trading decisions more challenging.
From a technical standpoint:
Moving averages are aligned in a bearish setup, and the area above remains densely packed with resistance.
MACD on the 2H chart shows a bearish crossover, signaling a potential continuation of the downtrend.
However, on the 30-minute chart, MACD shows some short-term bullish momentum, with the next resistance near 3306.
For bulls, if the price attempts to rise toward the 3306–3312 zone but then quickly pulls back, this would indicate weak buying pressure, and caution is advised.
In summary, short-term signals are bullish, but the medium-term trend remains bearish. With the market in a sideways range, it's best to remain patient and watch for breakout signals. The two trading opportunities shared yesterday remain valid and worth monitoring closely.
