It’s been an incredible run for GOLD leading up to this point, however we are now currently testing a major inflection zone around the $3,369–$3,414 level (R1-R2), intersecting both a bearish supply zone and descending trendline resistance. Price thus far has been riding a strong bullish trendline from mid-May, forming a clean ascending structure.
We’re now at a decision point:
• Bullish scenario: If price breaks above the 33669 (R1) & $3414 (R2) levels and holds, we could see a sharp move toward the ATH at $3,500. This would confirm trendline support and invalidate the supply zone.
• Bearish scenario: A rejection here could break the trendline and send gold back down to $3,280 (S1), with deeper targets around $3,205 (S2) if momentum accelerates.
MACD looks like it’s losing momentum and volume has been drying up a bit on this leg higher, possibly hinting at bullish exhaustion up here.
Considering the big picture context: FED rate cuts loom further out now with inflation still sticky, which puts pressure on gold short term. But longer term, central bank demand + global economic uncertainty still keeps the bias tilted bullish overall.
Position: OPEN
I still have my long position open from $3205ish however I did trim some on Friday and currently waiting for confirmation, it’s either a breakout & retest to the upside or a clean breakdown of the ascending trend line for shorts.
Daily / 4hr time frames are key here, watch for a close above or below for confirmation.
Let the market show its hand.
All the best dear traders and good luck for the week ahead !
We’re now at a decision point:
• Bullish scenario: If price breaks above the 33669 (R1) & $3414 (R2) levels and holds, we could see a sharp move toward the ATH at $3,500. This would confirm trendline support and invalidate the supply zone.
• Bearish scenario: A rejection here could break the trendline and send gold back down to $3,280 (S1), with deeper targets around $3,205 (S2) if momentum accelerates.
MACD looks like it’s losing momentum and volume has been drying up a bit on this leg higher, possibly hinting at bullish exhaustion up here.
Considering the big picture context: FED rate cuts loom further out now with inflation still sticky, which puts pressure on gold short term. But longer term, central bank demand + global economic uncertainty still keeps the bias tilted bullish overall.
Position: OPEN
I still have my long position open from $3205ish however I did trim some on Friday and currently waiting for confirmation, it’s either a breakout & retest to the upside or a clean breakdown of the ascending trend line for shorts.
Daily / 4hr time frames are key here, watch for a close above or below for confirmation.
Let the market show its hand.
All the best dear traders and good luck for the week ahead !
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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.