Technical & fibonacci analasys

Price has broken below an ascending channel, suggesting potential trend reversal or deeper correction.

Fibonacci retracement levels:

0.382 (~3263): price is currently testing near this level — often a key area for temporary support or bounce.

0.236 (~3208): next support if selling continues.

Deeper targets indicated by the 0 level (~3118) and projected extension (~2978) if downtrend accelerates.

Overhead resistance zones near 0.5 (3308), 0.618 (3353), and 0.786 (3418).

🕵️‍♂️ Technical Summary
Breakout below the channel + downward momentum suggests bearish bias.

Potential retracement/bounce toward 3308–3353 if support holds.

Continued rejection + bearish momentum could push price toward 3208–3118 zone.

🌐 Fundamental Factors
Recent data shows:

U.S. dollar strength remains moderate, capping gold rallies.

Fed uncertainty (possible dovish pivot or hawkish hold) impacting sentiment.

Central bank demand continues supporting gold structurally long-term.

Geopolitical calm reducing safe-haven flows in the near-term.

🎯 Potential Targets
Bullish case: rebound to 3308 (0.5 fib) → 3353 (0.618 fib) → 3418 (0.786 fib).

Bearish case: break below 3263 (current fib) could target 3208 (0.236 fib) → 3118 (full fib) → extension toward 2978 if momentum persists.