Gold (XAUUSD) is currently testing a key ascending trendline that has acted as dynamic support since early 2025. Today's price action shows strong bearish pressure, but confirmation is still needed as the daily candle has not yet closed below the trendline. A decisive close beneath this level would signal a potential shift in market structure and open the door for further downside. Fundamentally, mixed U.S. data adds to the uncertainty—while Personal Income (-0.4%) and Spending (-0.1%) came in below expectations, the Core PCE Price Index rose to 0.2%, suggesting lingering inflationary pressure.
If price breaks and closes below 3,260, I’ll consider a bearish continuation toward 3,200, 3,120, and possibly 3,000. However, if bulls defend this zone and reclaim 3,300+, a short-term bounce could still play out. For now, I'm staying patient and waiting for the daily close to confirm direction.
If price breaks and closes below 3,260, I’ll consider a bearish continuation toward 3,200, 3,120, and possibly 3,000. However, if bulls defend this zone and reclaim 3,300+, a short-term bounce could still play out. For now, I'm staying patient and waiting for the daily close to confirm direction.
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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.