(The following is a personal opinion only and does not constitute investment advice. Please exercise your own judgment before making any decisions.)
Gold prices rebounded after touching 3,125 on the 15th and are now approaching the upper boundary of the previous descending channel. If the price can successfully break above the prior trendline, gold may be poised for another upward breakout. However, failure to break through could lead to a renewed pullback.
Currently, attention should be focused on how the price behaves within the 3,360–3,380 range:
1. If the price finds solid support in this range, it could break above 3,500 and potentially move further upward to test 3,715.
2. If the price fails to break through this range, it may fall back below 3,200 to continue consolidating.
Yesterday’s lukewarm U.S. Treasury auction weighed on the dollar, while geopolitical tensions intensified due to Israel's unilateral declaration of control over Gaza and slow progress in negotiations with Iran. These combined factors support a bullish outlook for gold. As such, I personally lean toward the first scenario and will continue to monitor price action within the mentioned range.
Gold prices rebounded after touching 3,125 on the 15th and are now approaching the upper boundary of the previous descending channel. If the price can successfully break above the prior trendline, gold may be poised for another upward breakout. However, failure to break through could lead to a renewed pullback.
Currently, attention should be focused on how the price behaves within the 3,360–3,380 range:
1. If the price finds solid support in this range, it could break above 3,500 and potentially move further upward to test 3,715.
2. If the price fails to break through this range, it may fall back below 3,200 to continue consolidating.
Yesterday’s lukewarm U.S. Treasury auction weighed on the dollar, while geopolitical tensions intensified due to Israel's unilateral declaration of control over Gaza and slow progress in negotiations with Iran. These combined factors support a bullish outlook for gold. As such, I personally lean toward the first scenario and will continue to monitor price action within the mentioned range.
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.