Short

Gold Price Forecast: Bulls Defend Key Support, Eyes on Trendline

Gold (XAU/USD) bounced from the $3,261 support zone after briefly dipping to a one-month low around $3,265 in early Asian trade. The rebound came as buyers stepped in at a major demand area, rejecting further downside and suggesting bullish intent.

Macro drivers include reduced safe-haven demand following the US-China trade agreement on rare earths and a temporary ceasefire between Israel and Iran. However, expectations of a Fed rate cut—especially after weaker US consumer spending data—could limit further losses.

Technically, gold has formed a double bottom around $3,261, and price action now threatens to break above a descending trendline (TL1). A confirmed breakout above minor resistance at $3,283 may open the door toward $3,311 and potentially the upper trendline near $3,330.

Key Levels to Watch:

Support: $3,261 (defended), $3,250 (monthly low)

Resistance: $3,283 (minor), $3,311 (former support turned resistance), $3,330 (TL2 trendline)

📉 Trendlines: TL1 and TL2 still capping upside; breakout would confirm bullish shift

If bulls can maintain control above $3,283 and push through the trendline, a broader recovery could follow. However, failure to clear this zone may invite renewed selling pressure.

⚠️ Disclaimer: This analysis is for informational purposes only and does not constitute investment advice.

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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.

ATFX_Global

ATFX is a globally regulated, award-winning fintech broker offering customer support in 20 languages.
👉🏼Start your trading journey with ATFX: bit.ly/3mLMPHz

Also on: