Gold spot prices have established a strong uptrend against the US dollar, currently trading near 2,986 after recently testing the psychological 3,000 level. The price action indicates a potential pullback to the blue support zone around 2,955-2,965 before resuming its bullish trajectory. Technical analysis suggests that the ascending trendline, which has supported price action since late February, remains intact and continues to provide a solid foundation for further upside. After the anticipated correction, gold appears poised to make another attempt at breaking above the 3,000 barrier, with potential targets extending toward 3,010 and beyond as indicated by the upward-pointing arrow. Traders should watch for buying opportunities during any retracement to the highlighted support zone, as the overall trend remains bullish with higher lows forming along the ascending trendline.
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
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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.