Gold continues to be in the spotlight as a combination of macroeconomic factors and technical structure supports further upside momentum.
Market Overview:
- Analysts have revised gold price forecasts upward to the $3,500–$3,600/oz range, driven by a weaker USD and concerns over slowing US growth.
- Labour market data from the US is showing weakness, with rising jobless claims – increasing expectations that the Fed may cut rates in September.
- Geopolitical tensions and global trade uncertainties are boosting gold's appeal as a safe haven asset.
- Strong investor interest: Trading volumes in gold futures have risen significantly, indicating heavy participation from big money.
Technical Analysis:
- Price is clearly moving within an ascending channel, reflecting a stable medium-term uptrend.
- Gold is currently testing the short-term resistance around $3,408, with potential for a minor correction toward support near $3,350, which aligns with the lower boundary of the channel.
- As long as price remains inside the ascending channel, the bullish bias remains valid.
Trading Strategy
Look for long entries near the $3,350 support zone on a pullback.
Short-term target: $3,408 – Mid-term target: $3,500+
Stop-loss: Below $3,320
In summary, gold is receiving strong support from both fundamentals and technicals. Buying the dips remains the preferred strategy in the current setup.
Market Overview:
- Analysts have revised gold price forecasts upward to the $3,500–$3,600/oz range, driven by a weaker USD and concerns over slowing US growth.
- Labour market data from the US is showing weakness, with rising jobless claims – increasing expectations that the Fed may cut rates in September.
- Geopolitical tensions and global trade uncertainties are boosting gold's appeal as a safe haven asset.
- Strong investor interest: Trading volumes in gold futures have risen significantly, indicating heavy participation from big money.
Technical Analysis:
- Price is clearly moving within an ascending channel, reflecting a stable medium-term uptrend.
- Gold is currently testing the short-term resistance around $3,408, with potential for a minor correction toward support near $3,350, which aligns with the lower boundary of the channel.
- As long as price remains inside the ascending channel, the bullish bias remains valid.
Trading Strategy
Look for long entries near the $3,350 support zone on a pullback.
Short-term target: $3,408 – Mid-term target: $3,500+
Stop-loss: Below $3,320
In summary, gold is receiving strong support from both fundamentals and technicals. Buying the dips remains the preferred strategy in the current setup.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Top trading opportunities are waiting for you! : t.me/+TaRRH29IRysyNGJl
🔥 High-quality signals – Win rate up to 85%
📍 Accurate, verified technical analysis
⚡ Fast updates – Never miss a golden entry
🔥 High-quality signals – Win rate up to 85%
📍 Accurate, verified technical analysis
⚡ Fast updates – Never miss a golden entry
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.