Gold has been correcting since it fell from 3,500. Price action may try to retrace back towards the top, because it is trying to transition from this bearish into a bullish move, by finding support at 3,264 (near the previous all-time high). As long as the price action is above 3,264 and it manages to break past 3,350, the yellow metal may try to reach the all-time high again. However, if price action declines past the 3,264 support, the bearish trajectory will likely continue towards 3,200 or 3,165 in search of a stronger bullish support.
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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.