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Gold prices exhibited mixed but upward-biased movement, with the metal maintaining its position above the pivotal support area at $3,310, preserving a positive short-term outlook.
Technical Outlook – 4-Hour Timeframe:
Intraday price action reflects a continuation of the bullish trend, following a solid bounce from $3,310. This support level allowed gold to break above and stabilize above the 50-period Simple Moving Average (SMA)—a positive technical signal. Additionally, the Relative Strength Index (RSI) has resumed upward movement, suggesting renewed bullish momentum.
Probable Scenario – Bullish Bias:
The upward trend is expected to continue, with $3,358 as the initial resistance level. A successful breakout above this barrier could open the way for further gains toward $3,376.
Alternative Scenario – Bearish Risk:
If the price fails to hold above $3,315, and more critically below $3,310, the bearish scenario may be reactivated. In this case, downside targets would be:
- $3,290 (first support)
- $3,272 (subsequent support)
Caution:
Risk remains high amid persistent geopolitical and trade-related tensions. All scenarios are possible, and traders are advised to apply rigorous risk management.
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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