Lingrid | GOLD Weekly Analysis: Testing Resistance Zone

markets are showing renewed strength as prices continue to test the highest levels reached in the first week of this month, demonstrating persistent bullish momentum despite ongoing consolidation. The precious metal is approaching a decisive technical juncture that could determine the next major directional move.

The chart reveals a compelling technical setup with gold forming higher lows while maintaining the upward trend continuation. After the previous fake breakout and flag pattern completion, the market has established a solid foundation above the $3,330 support level. The current structure shows a series of higher lows, confirming the underlying bullish bias.

The weekly high retest presents a crucial inflection point. A successful break above this level could trigger the next major leg higher toward the $3,400+ target zone, particularly given the ascending triangle formation and persistent institutional interest. The convergence of multiple technical indicators, including the trend continuation pattern and higher low formation, suggests accumulation at current levels.

Key levels to monitor include the immediate resistance at $3,393 and the critical $3,450 level. A decisive break above these levels would likely accelerate momentum toward $3,500-$3,600, while failure to maintain the higher low structure could see a pullback toward $3,285 support. The overall technical picture remains constructively bullish within the broader uptrend.

If this idea resonates with you or you have your own opinion, traders, hit the comments. I’m excited to read your thoughts!

Trade active

is attempting to resume bullish momentum after reclaiming support at 3,345.876 following a breakout and retest of the descending trendline. The structure formed a higher low inside the broader upward channel, signaling continuation potential. As long as the price stays above the confluence of the trendline and horizontal support, a move toward 3,395.000 is likely. The short-term projection favors renewed strength after the corrective retest plays out.

📉 Key Levels
- Buy trigger: Rejection candle break above 3,350.000
- Buy zone: 3,345.00–3,355.00
- Target: 3,395.000
- Invalidation: Close below 3,320

💡 Risks
- Rejection from the descending trendline retest
- Failure to form a higher high after bounce
- Increased volatility in US yields or USD recovery

Trade closed: target reached

+540 pips - Done.

Lingrid

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Lingrid

💰FREE FOREX signals in Telegram: bit.ly/3F4mrMi

🚀FREE CRYPTO signals in Telegram: t.me/cryptolingrid

🌎WebSite: lingrid.org

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