Gold technical analysis

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Gold is currently testing a key resistance level at 3391.00, which may serve as a crucial indicator for near-term price direction. A clear breakout above 3391.00 with strong momentum could confirm bullish sentiment, potentially opening the path for a further rally toward the next resistance level at 3420.00. This level may attract profit-taking or act as a ceiling unless supported by fundamental or macroeconomic drivers.



If gold fails to break above 3391.00 and instead drops below all key simple moving averages such as the 50-day, 100-day, and 200-day, it would likely indicate weakening momentum. In that case, a deeper pullback could occur, with prices potentially retesting the support level around 3323.00. A break below this support might trigger further downside pressure, especially if risk appetite increases in broader markets or if the US dollar strengthens.
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