Gold Slides on Trade Deal Optimism – Key Support Levels to WatchFrom a monthly perspective, Gold’s broader trajectory appears to align with a classic cup and handle formation, targeting the $3,700 and $4,000 per ounce levels—supported by a clear hold above $3,500. However, given the steep momentum currently in play, significant headwinds are likely as the market consolidates.
These may serve to recharge monthly momentum that currently aligns with 2020 and 2008 highs before the broader uptrend resumes.
On the 4-hour chart, downside levels below 2390 are more clearly defined, with potential support around 2320, 3170, 3080, and 2960—and, in more extreme conditions, 2800.
Given the prevailing safe-haven demand, market uncertainty, and heightened speculation, these levels should be approached incrementally to manage risk and confirm the re-emergence of risk-on sentiment.
Written by Razan Hilal, CMT
