Gold remains in a consolidation phase after its sharp rally earlier this year, but the broader uptrend remains intact. Price action continues to respect the ascending trendline that has been active since late 2024, as well as the 50-day SMA which currently offers dynamic support around the $3,323 level.
The key horizontal resistance at $3,430 continues to cap upside attempts. Price has formed a series of higher lows while facing rejection at this ceiling, suggesting a potential ascending triangle pattern—a bullish continuation setup.
Indicators:
MACD remains below the zero line and has flattened, reflecting the lack of momentum and confirming the consolidation.
RSI hovers near 47, showing neutral momentum. However, it has started to curl up slightly, which could hint at a developing bullish bias if price breaks higher.
Key Levels to Watch:
A confirmed breakout above $3,430 could open the door to fresh highs.
On the downside, a break below the ascending trendline and 50-day SMA could trigger a deeper correction toward the 200-day SMA near $2,950.
Conclusion:
Gold is currently coiling within a tightening range. While momentum is subdued, the technical structure favors a potential bullish breakout if resistance at $3,430 gives way. Traders should watch for a daily close above this level for confirmation of renewed bullish momentum.
-MW
The key horizontal resistance at $3,430 continues to cap upside attempts. Price has formed a series of higher lows while facing rejection at this ceiling, suggesting a potential ascending triangle pattern—a bullish continuation setup.
Indicators:
MACD remains below the zero line and has flattened, reflecting the lack of momentum and confirming the consolidation.
RSI hovers near 47, showing neutral momentum. However, it has started to curl up slightly, which could hint at a developing bullish bias if price breaks higher.
Key Levels to Watch:
A confirmed breakout above $3,430 could open the door to fresh highs.
On the downside, a break below the ascending trendline and 50-day SMA could trigger a deeper correction toward the 200-day SMA near $2,950.
Conclusion:
Gold is currently coiling within a tightening range. While momentum is subdued, the technical structure favors a potential bullish breakout if resistance at $3,430 gives way. Traders should watch for a daily close above this level for confirmation of renewed bullish momentum.
-MW
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