Gold is breaking through all possible support levels. The path is now open to $3,200 and then to $3,160.
I expect it to move lower. However, I won't participate in the downside — it's too risky, as the overall trend still remains bullish.
Could this be the beginning of a global downtrend? I don’t think so. This looks more like a natural pullback after a strong rally, driven by easing geopolitical tensions and the signing of trade agreements by the U.S. with several countries that had previously been subject to tariffs.
Gold is simply behaving like a classic safe-haven asset in this context.
What’s interesting is that this decline is happening while industrial metals are showing stronger positions.
This divergence suggests that gold could correct significantly, while industrial metals might not — again, due to gold’s defensive nature.
Let’s see how this unfolds.
Overall, I expect gold to move lower.
I expect it to move lower. However, I won't participate in the downside — it's too risky, as the overall trend still remains bullish.
Could this be the beginning of a global downtrend? I don’t think so. This looks more like a natural pullback after a strong rally, driven by easing geopolitical tensions and the signing of trade agreements by the U.S. with several countries that had previously been subject to tariffs.
Gold is simply behaving like a classic safe-haven asset in this context.
What’s interesting is that this decline is happening while industrial metals are showing stronger positions.
This divergence suggests that gold could correct significantly, while industrial metals might not — again, due to gold’s defensive nature.
Let’s see how this unfolds.
Overall, I expect gold to move lower.
Note
It’s still too early to buy — I need to see confirmation of a continued uptrend.As for selling, I’d only consider it if the psychological level at 3200 is broken.
For now, I’m staying on the sidelines and just watching the market.
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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.