Hello everyone,
On the daily chart, gold is currently holding around $3,339 after the strong rally seen earlier this year. Since May, price action has been confined within a narrow range above $3,300, forming a steady consolidation zone. This suggests that selling pressure has eased significantly, while buyers continue to retain quiet control.
From a technical standpoint, the $3,300–$3,320 range remains a crucial support, aligning with both the Ichimoku cloud and the nearest Fair Value Gap (FVG). As long as this level is defended, the probability of gold climbing back toward $3,400 stays high. A decisive break above $3,420 would likely unlock the pathway to $3,500.
On the macro front, gold continues to benefit from safe-haven demand. Markets are increasingly betting on the possibility of a Fed rate cut in September, compounded by persistent geopolitical tensions. Given this backdrop, gold maintains its place as a defensive asset, and the current consolidation may simply be the groundwork for another bullish phase.
Thank you for reading, and let’s see whether gold will deliver its next big move soon.
On the daily chart, gold is currently holding around $3,339 after the strong rally seen earlier this year. Since May, price action has been confined within a narrow range above $3,300, forming a steady consolidation zone. This suggests that selling pressure has eased significantly, while buyers continue to retain quiet control.
From a technical standpoint, the $3,300–$3,320 range remains a crucial support, aligning with both the Ichimoku cloud and the nearest Fair Value Gap (FVG). As long as this level is defended, the probability of gold climbing back toward $3,400 stays high. A decisive break above $3,420 would likely unlock the pathway to $3,500.
On the macro front, gold continues to benefit from safe-haven demand. Markets are increasingly betting on the possibility of a Fed rate cut in September, compounded by persistent geopolitical tensions. Given this backdrop, gold maintains its place as a defensive asset, and the current consolidation may simply be the groundwork for another bullish phase.
Thank you for reading, and let’s see whether gold will deliver its next big move soon.
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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.