GOLD Trending Higher - Can buyers push toward 3,500$?

is trading within a clear ascending channel, with price action consistently respecting both the upper and lower boundaries. The recent bullish momentum indicates that buyers are in control, suggesting there's chances for potential continuation on the upside.

The price has recently broken above a key resistance zone and may come back for a retest. If this level holds as support, it would reinforce the bullish structure and increase the likelihood of a move toward the 3,500 target, which aligns with the channel’s upper boundary.

As long as the price remains above this support zone, the bullish outlook stays intact. However, a failure to hold above this level could invalidate the bullish scenario and increase the likelihood of a pullback toward the channel’s lower boundary.

The recent surge in gold prices is driven by escalating U.S.-China trade tensions and a weakening U.S. dollar. Gold reached a record high of $3,390 per ounce, fueled by concerns over global economic stability and increased demand for safe-haven assets. Analysts have raised their three-month gold forecast, due to ongoing market uncertainties.

Despite the upward momentum, I think still gold may be overbought in the near term, indicating potential for a short-term correction . Nevertheless, the overall bullish trend remains strong, supported by geopolitical tensions, central bank purchases, and investor demand for strong assets.

Trade active

Trade closed: target reached

Target Reached

TrendDiva

🌷 FREE SIGNALS: t.me/trenddiva

🌷 BEST Broker - Get 20% Deposit BONUS: bit.ly/trenddiva

🌷 Backtest with FX Replay with a 15% discount + my code "trend-diva" fxreplay.com/?via=trend-diva

Also on:

Related publications

GOLD Trending Higher - Can buyers push toward 3,300$?

by TrendDiva

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.