Weekly Gold Outlook: Signs of Trend Reversal Emerging

Gold is beginning to show clear signs of a potential bearish phase. The current uptrend is weakening, and a new center of gravity has formed around 3319 on the weekly timeframe. Price is currently moving higher to complete Phase 2, which often precedes a new trend cycle.

A weekly close below 3320, especially after sweeping the upper liquidity zone near 3495, would confirm the start of Phase 3 — historically a trend continuation setup. This suggests that gold could enter a deeper correction phase, potentially resetting for the next bullish leg.

Projected Downside Targets:
Target 1: 3100

Target 2: 3056

Target 3: 2960

Extended Bearish Target: Below 2760 (Accumulation zone for the next uptrend)

This cycle is unfolding on the weekly timeframe, so it may take time to fully develop.

Key Resistance Zones (Sell Interest Areas):
3525–3548: Current resistance zone with signs of profit-taking by large players

3606: Next resistance level

3688: Strong upper resistance where institutional selling interest could intensify

These zones are critical supply areas, and market participants are already showing signs of booking profits around these levels.