Gold had been stuck between the orange downward trendline and the shorter-term upward trend channel (white), with a decisive move imminent as discussed in earlier posts. That decision now appears to favor the bears, as the upward trend channel has broken.
Following the break, gold quickly dropped to the 3,270–3,290 support zone, which is currently being tested. This zone also includes the 200-hour moving average, adding to its significance. The main support to watch is the yellow trendline visible at the bottom of the chart, which originates from late December. This trendline currently sits near 3,150 and could be the key medium-term target if bearish pressure continues.
In the shorter term, if the 3,270–3,290 zone fails to hold, the next downside target is likely 3,200.
Following the break, gold quickly dropped to the 3,270–3,290 support zone, which is currently being tested. This zone also includes the 200-hour moving average, adding to its significance. The main support to watch is the yellow trendline visible at the bottom of the chart, which originates from late December. This trendline currently sits near 3,150 and could be the key medium-term target if bearish pressure continues.
In the shorter term, if the 3,270–3,290 zone fails to hold, the next downside target is likely 3,200.
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3320 retest is underway.
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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.