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Gold prices saw a strong rebound in the previous session, achieving a short-term upward correction within a broader downtrend, reaching the anticipated technical targets of $3327 and $3360, with a session high at $3358 per ounce.
Technical Outlook (4-hour chart):
The $3358 resistance level has proven to be a firm barrier, triggering minor declines due to profit-taking. However, simple moving averages continue to act as dynamic support, reinforcing the upside potential. Additionally, the Relative Strength Index (RSI) has cleared overbought conditions and is showing signs of renewed positive momentum.
Probable Scenario:
The bullish outlook remains valid as long as gold prices maintain stability above the $3308 support level. If this level holds, we may see the price aiming for $3365 as the next immediate target. A breakout above this resistance could further accelerate upward movement toward $3389.
If, however, the $3308 support is broken, this would reopen the path for a continuation of the broader corrective downtrend, with $3277 as the next key target.
Warning: The upcoming U.S. non-farm payrolls report may cause sharp market movements.
Warning: Risk is elevated due to persistent trade and geopolitical tensions, and all outcomes remain plausible.
Disclaimer: Trading in CFDs involves risks, and all scenarios are possible. This analysis is not investment advice but rather an interpretation of the current technical landscape for gold.
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