Gold remains in a bullish trend following a breakout above previous all-time highs. The recent price action suggests strong upward momentum, with buyers currently in control.
Key Levels to Watch:
Support:
3150 – Key level from recent consolidation; likely to act as strong support.
3134 and 3074 – Deeper support levels if 3150 fails.
Resistance:
3270 – First major resistance target.
3285 and 3310 – Additional upside targets on continued strength.
Scenarios:
Bullish: A pullback to 3150 followed by a bounce could trigger a move toward 3270 and beyond.
Bearish: A daily close below 3150 would weaken the bullish setup, potentially leading to a drop toward 3134 or 3074.
Conclusion:
Gold is currently showing bullish momentum, but watch for a possible pullback to 3150. A bounce from that level would confirm continued strength, while a break below it would shift the short-term bias to neutral or bearish.
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