Continuation of elevated uncertainty could bring volatility in the gold market.
XAU/USD short-term forecast
Gold is currently facing strong resistance at the $3,400.00 level. If the price fails to break above this barrier, it could signal a bearish reversal. In such a scenario, we may see increased selling pressure that could push the price downward toward the next key support level at $3,300.00. This level has previously acted as a base, and traders will likely watch closely to see if it holds again. A sustained rejection at $3,400.00 would confirm this resistance zone as a critical ceiling for the market in the short term.
XAU/USD daily charts review
Bullishness may push gold closer to 3700.00 if tensions in global markets persist. If bearishness occurs, significant price moves toward 3000.00 may be considered highly plausible.Daily Candle Chart
Traders going short
48.74 % of volume was in long positions. Traders are going short.
Meanwhile, in the 1000 point range around the latest price, the pending orders were 27% to sell the metal.