Gold has broken out of its previous descending channel, confirming a trend reversal. Current price action is forming higher lows while consistently filling Fair Value Gaps (FVGs) – a clear sign that institutional money is flowing back in.
The next key target is the previous high near 3,399, where some short-term profit-taking may occur. However, if buyers can defend the support zone around 3,348, the chances of breaking above resistance will increase significantly.
On the news front, the U.S. dollar is weakening as housing and industrial production data show signs of slowing, fueling speculation that the Fed may pause further rate hikes this year.
The next key target is the previous high near 3,399, where some short-term profit-taking may occur. However, if buyers can defend the support zone around 3,348, the chances of breaking above resistance will increase significantly.
On the news front, the U.S. dollar is weakening as housing and industrial production data show signs of slowing, fueling speculation that the Fed may pause further rate hikes this year.
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Top trading opportunities are waiting for you! : t.me/+TaRRH29IRysyNGJl
🔥 High-quality signals – Win rate up to 85%
📍 Accurate, verified technical analysis
⚡ Fast updates – Never miss a golden entry
🔥 High-quality signals – Win rate up to 85%
📍 Accurate, verified technical analysis
⚡ Fast updates – Never miss a golden entry
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.