Gold has reached a critical juncture as prices have sharply retreated to test the major uptrend line that's been in place since late January. Currently trading at $3,038.98, the precious metal has experienced a significant pullback from its recent all-time highs above $3,160. This trendline has supported gold's impressive rally for months, making this test particularly important for determining the near-term direction. If buyers step in at these levels, we could see a bounce and continuation of the broader uptrend; however, a decisive break below this trendline could trigger a more substantial correction, potentially targeting previous support zones around $2,950-$3,000. The sharp nature of the recent decline suggests increased selling pressure, making the next few trading sessions crucial for determining whether this is merely a dip in an ongoing bull market or the beginning of a deeper retracement.
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.