Despite heightened geopolitical tensions alongside a weak US Dollar, gold's price action remains in pullback mode below the $3,400 level, awaiting a catalyst.
Technically, gold remains at the upper boundary of a long-term ascending channel, anchored by the 2016 and 2020 highs. It also sits just beneath the projected breakout zone of a large cup-and-handle pattern, with a potential target near $4,000.
If gold manages a firm close above $3,500 and clears the upper boundary of the channel, bullish momentum could lift prices toward $3,700, and possibly $4,000, during the second half of 2025.
Conversely, sustained weakness below the $3,300 level would open the door to near-term support zones at $3,290, $3,240, $3,100, and $2,800, which may offer "buy-the-dip" opportunities along its primary uptrend.
- Razan Hilal, CMT
Technically, gold remains at the upper boundary of a long-term ascending channel, anchored by the 2016 and 2020 highs. It also sits just beneath the projected breakout zone of a large cup-and-handle pattern, with a potential target near $4,000.
If gold manages a firm close above $3,500 and clears the upper boundary of the channel, bullish momentum could lift prices toward $3,700, and possibly $4,000, during the second half of 2025.
Conversely, sustained weakness below the $3,300 level would open the door to near-term support zones at $3,290, $3,240, $3,100, and $2,800, which may offer "buy-the-dip" opportunities along its primary uptrend.
- Razan Hilal, CMT
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