Gold has exhibited remarkable strength in recent days, surging from around $2,960 to establish new all-time highs above $3,230. After this vertical move and having reached overbought conditions, the 4-hour chart indicates a likely correction phase is imminent, with price projected to retrace toward the highlighted support zone around $3,160-3,170, which previously acted as resistance. This pullback represents a natural technical rebalancing after such an explosive upward movement and would provide an opportunity to test the market's conviction about the current bull trend. The highlighted lower support zone near $2,960 should contain any deeper corrections, though the immediate focus is on the upper support level as a probable target for this corrective wave before potentially resuming the larger uptrend. Traders should monitor price action around these key levels for signs of stabilization and renewed buying interest.
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.