Gold is currently trading at $5,190 after a sharp dip that helped cool down overbought conditions. This pullback was healthy for the market, allowing price to stabilize before moving higher again. During the early Asian session, Gold showed renewed strength and started to rise.
At the moment, Gold is respecting its current upward trendline. As long as the price remains above this trendline, the overall short-term outlook stays bullish. The next major target is the $5,247 resistance level, where Gold previously faced strong rejection. A successful move toward this level is possible if buying momentum continues.
Technical indicators are also supporting the bullish view. The MACD shows decreasing selling pressure, which suggests that bears are losing control. At the same time, the RSI remains in a positive zone, indicating steady momentum in favor of buyers.
If Gold manages to break above $5,225, it could make another strong attempt to break the $5,247 resistance. A clear breakout above this level may open the door for further upside movement.
However, downside risks still remain. If Gold falls below $5,150, it may retest the important $5,100 support level. Traders should watch these key levels closely, as they will likely determine the next major move in Gold.
Not Financial Advice
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