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Gold prices extended their gains for the third consecutive session, in line with the bullish expectations outlined in previous reports. The metal reached the official target at $3,435, recording an intraday high of $3,439 per ounce.
Technical Outlook – 4-Hour Timeframe:
Intraday movement shows a slight pullback, driven by a test of the $3,435 resistance zone, profit-taking after the sharp rise, and efforts to ease overbought conditions. Despite this, the broader technical structure remains bullish, supported by the 50-period Simple Moving Average (SMA) and the ascending trendline, both of which continue to guide the uptrend.
Likely Scenario – Bullish with Healthy Pullback:
A temporary pullback is likely, with price action expected to test support at:
- $3,400, followed by
- $3,390
This retracement is considered healthy within the broader uptrend, as long as the price remains above $3,390. Holding this support could pave the way for a continuation of the rally toward:
- $3,447 as the next resistance
- $3,471 as the subsequent target
Alternative Scenario – Bearish Correction:
If the price breaks and stabilizes below $3,390, the bullish momentum may weaken, opening the door for a deeper correction toward:
- $3,335 – a key support level
Caution:
Risk remains elevated amid ongoing geopolitical and trade-related tensions. Market volatility may increase, and all scenarios are possible. Traders are advised to implement strict risk management strategies.
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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