📊 **Technical Analysis Summary:**
#### 1. **Trend Reversal Confirmation**
* Price was in a **downtrend** (marked by the red descending channel).
* A **breakout** occurred on the upside from this falling channel around **May 15–16**, indicating **trend reversal**.
* A new **ascending channel** (green shaded area) is forming, suggesting bullish structure.
#### 2. **Support & Resistance Levels:**
* **Current price:** \$3,232.69
* **Immediate resistance zones:**
* \$3,242 (violet line)
* \$3,252 (red line)
* \$3,278 (blue line)
* **Higher resistance:** \$3,346 and \$3,412
* **Support zones:**
* \$3,203 (blue shaded)
* \$3,119 (purple shaded)
#### 3. **Key Observations:**
* Breakout is supported by increasing volume and bullish candles.
* The price is respecting the new **ascending channel**.
* A key **horizontal resistance** at \~\$3,242 is being tested — critical breakout level.
* Price is above key moving levels, suggesting **bullish momentum**.
* Dashed lines suggest potential **scenarios**:
* Bullish: Continuation to \$3,278 and then \$3,346+
* Bearish: Rejection from \$3,242 and possible retest of \$3,203 or even \$3,119 if selling intensifies
#### 4. **Fundamental Trigger:**
* U.S. economic news icon indicates a **major upcoming news event** (likely related to the USD) which could create **volatility** — watch out for impact around **May 22–23**.
---
### 📈 **Market Prediction (Next Few Sessions):**
* **Bias:** **Bullish to Neutral**, until \$3,203 is broken.
* **Upside targets:** \$3,242 → \$3,252 → \$3,278 (swing zone)
* **Downside risk if rejection occurs:** \$3,203 → \$3,119
> **Key Level to Watch:** A confirmed breakout above **\$3,242–\$3,252** with volume can push gold to new highs near \$3,278 and even \$3,346.
---
### ✅ **Trading Tip:**
* **Buy on dip** near \$3,203 with SL below \$3,190 for targets up to \$3,278.
* Avoid aggressive trades before the U.S. data release.
(Viea are personal,plz consult your trade analyst)
#### 1. **Trend Reversal Confirmation**
* Price was in a **downtrend** (marked by the red descending channel).
* A **breakout** occurred on the upside from this falling channel around **May 15–16**, indicating **trend reversal**.
* A new **ascending channel** (green shaded area) is forming, suggesting bullish structure.
#### 2. **Support & Resistance Levels:**
* **Current price:** \$3,232.69
* **Immediate resistance zones:**
* \$3,242 (violet line)
* \$3,252 (red line)
* \$3,278 (blue line)
* **Higher resistance:** \$3,346 and \$3,412
* **Support zones:**
* \$3,203 (blue shaded)
* \$3,119 (purple shaded)
#### 3. **Key Observations:**
* Breakout is supported by increasing volume and bullish candles.
* The price is respecting the new **ascending channel**.
* A key **horizontal resistance** at \~\$3,242 is being tested — critical breakout level.
* Price is above key moving levels, suggesting **bullish momentum**.
* Dashed lines suggest potential **scenarios**:
* Bullish: Continuation to \$3,278 and then \$3,346+
* Bearish: Rejection from \$3,242 and possible retest of \$3,203 or even \$3,119 if selling intensifies
#### 4. **Fundamental Trigger:**
* U.S. economic news icon indicates a **major upcoming news event** (likely related to the USD) which could create **volatility** — watch out for impact around **May 22–23**.
---
### 📈 **Market Prediction (Next Few Sessions):**
* **Bias:** **Bullish to Neutral**, until \$3,203 is broken.
* **Upside targets:** \$3,242 → \$3,252 → \$3,278 (swing zone)
* **Downside risk if rejection occurs:** \$3,203 → \$3,119
> **Key Level to Watch:** A confirmed breakout above **\$3,242–\$3,252** with volume can push gold to new highs near \$3,278 and even \$3,346.
---
### ✅ **Trading Tip:**
* **Buy on dip** near \$3,203 with SL below \$3,190 for targets up to \$3,278.
* Avoid aggressive trades before the U.S. data release.
(Viea are personal,plz consult your trade analyst)
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.
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.