1. Current Price: Gold is trading at approximately $2,984.615.
2. Support and Resistance Levels:
A resistance zone is marked near the $3,200–$3,150 area, where price action has previously reversed.
Two support zones are highlighted:
First at around $2,950–$2,975, which the price recently touched and bounced from.
Second near $3,050, where a retest might occur before potentially continuing upward.
3. Market Structure:
The price had a strong upward rally before sharply pulling back from the resistance zone.
A bullish reversal is suggested with the price expected to bounce from the lower support, retest the upper support, and head higher toward the $3,100+ region.
4. Trade Idea (illustrated with a blue arrow):
The chart suggests a long (buy) setup if the price respects the lower support.
A projected path indicates a possible bullish continuation after confirmation of support holding.