Just as we discussed in yesterday's analysis, gold has delivered an excellent bounce from that Fibonacci golden support zone (3248-3287). The bulls stepped in right where we expected them to, and the reaction has been quite impressive.
Monthly & Quarterly Close Above 3300: Gold managed to close both the month and quarter above that critical 3300 psychological level. These higher timeframe closes carry significant weight and suggest the bulls aren't ready to give up just yet.
Weekly Pivot Reclaimed:Today we're seeing gold trade above the 3308 weekly pivot level . This is exactly what we needed to see for any meaningful recovery attempt.
.All these factors are lining up in the bulls' favor, but there's still one critical piece missing breaking resistance trendline that's been creating the lower high (LH) and lower low (LL) structure.
What We Need to See:
For gold to confirm this isn't just another counter-trend bounce, the bulls need to:
1. Break above that descending trendline resistance
2. Hold the breakout on higher timeframes
3. Create a higher high to break the current bearish structure
We're at a pivotal moment. The bounce from the golden zone was textbook, the monthly/quarterly closes were bullish, and we're back above the weekly pivot. Now it's all about whether the bulls have enough momentum to break through that structural resistance.
If they can claim territory above that trendline and hold it, we could see a strong continuation higher. But if they get rejected here, it might just be another failed attempt in the ongoing correction which can lead to consolidation in big range.
this week will be crucial in determining gold's near-term direction.
Monthly & Quarterly Close Above 3300: Gold managed to close both the month and quarter above that critical 3300 psychological level. These higher timeframe closes carry significant weight and suggest the bulls aren't ready to give up just yet.
Weekly Pivot Reclaimed:Today we're seeing gold trade above the 3308 weekly pivot level . This is exactly what we needed to see for any meaningful recovery attempt.
.All these factors are lining up in the bulls' favor, but there's still one critical piece missing breaking resistance trendline that's been creating the lower high (LH) and lower low (LL) structure.
What We Need to See:
For gold to confirm this isn't just another counter-trend bounce, the bulls need to:
1. Break above that descending trendline resistance
2. Hold the breakout on higher timeframes
3. Create a higher high to break the current bearish structure
We're at a pivotal moment. The bounce from the golden zone was textbook, the monthly/quarterly closes were bullish, and we're back above the weekly pivot. Now it's all about whether the bulls have enough momentum to break through that structural resistance.
If they can claim territory above that trendline and hold it, we could see a strong continuation higher. But if they get rejected here, it might just be another failed attempt in the ongoing correction which can lead to consolidation in big range.
this week will be crucial in determining gold's near-term direction.
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✅For Live Update on Gold Price and trade opportunities ; Join Free community
t.me/livepriceactiontrading
t.me/livepriceactiontrading
Pubblicazioni correlate
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.