Price has broken below an ascending channel, suggesting potential trend reversal or deeper correction.
Fibonacci retracement levels:
0.382 (~3263): price is currently testing near this level — often a key area for temporary support or bounce.
0.236 (~3208): next support if selling continues.
Deeper targets indicated by the 0 level (~3118) and projected extension (~2978) if downtrend accelerates.
Overhead resistance zones near 0.5 (3308), 0.618 (3353), and 0.786 (3418).
🕵️♂️ Technical Summary
Breakout below the channel + downward momentum suggests bearish bias.
Potential retracement/bounce toward 3308–3353 if support holds.
Continued rejection + bearish momentum could push price toward 3208–3118 zone.
🌐 Fundamental Factors
Recent data shows:
U.S. dollar strength remains moderate, capping gold rallies.
Fed uncertainty (possible dovish pivot or hawkish hold) impacting sentiment.
Central bank demand continues supporting gold structurally long-term.
Geopolitical calm reducing safe-haven flows in the near-term.
🎯 Potential Targets
Bullish case: rebound to 3308 (0.5 fib) → 3353 (0.618 fib) → 3418 (0.786 fib).
Bearish case: break below 3263 (current fib) could target 3208 (0.236 fib) → 3118 (full fib) → extension toward 2978 if momentum persists.
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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.