Gold is currently testing the 0.618 Fibonacci retracement of the drop from $3,500 to $3,200, located at the $3,380 level.
A clear hold above 3390 could pave the way back toward $3,430 and the $3,500 resistance zone.
• A breakout above $3,500 may extend the rally toward $3,700 and the $4,000 target zone.
• On the downside, short-term support levels may be seen at $3,350, $3,300, and $3,260.
• A confirmed drop below $3,260 could trigger deeper downside risks, with potential moves back toward $3,200, $3,160, $3,080, and $3,000.
Written by Razan Hilal, CMT
A clear hold above 3390 could pave the way back toward $3,430 and the $3,500 resistance zone.
• A breakout above $3,500 may extend the rally toward $3,700 and the $4,000 target zone.
• On the downside, short-term support levels may be seen at $3,350, $3,300, and $3,260.
• A confirmed drop below $3,260 could trigger deeper downside risks, with potential moves back toward $3,200, $3,160, $3,080, and $3,000.
Written by Razan Hilal, CMT
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.
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.