Gold is currently trading within a converging wedge pattern, following a strong rebound from the recent bottom near 3,210 USD.
If price holds above the 3,276 USD support zone and shows bullish confirmation, the next target will be a breakout above the descending trendline, aiming for the 3,359 USD resistance zone — a key level to confirm the continuation of the uptrend.
From a fundamental perspective, the weakening USD — driven by expectations of cautious Fed rate cuts — combined with lingering geopolitical risks and strong central bank demand (over 1,000 tons annually), continues to provide solid support for gold.
Overall Trend: Bullish
Confirmation Condition: Price holds above 3,276 USD and breaks the upper wedge
Mid-term Target: 3,359 to 3,400 USD
If price holds above the 3,276 USD support zone and shows bullish confirmation, the next target will be a breakout above the descending trendline, aiming for the 3,359 USD resistance zone — a key level to confirm the continuation of the uptrend.
From a fundamental perspective, the weakening USD — driven by expectations of cautious Fed rate cuts — combined with lingering geopolitical risks and strong central bank demand (over 1,000 tons annually), continues to provide solid support for gold.
Overall Trend: Bullish
Confirmation Condition: Price holds above 3,276 USD and breaks the upper wedge
Mid-term Target: 3,359 to 3,400 USD
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Top trading opportunities are waiting for you! : t.me/+aljKUwb-ar1jNDg1
🔥 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.