Gold Price Outlook: Bullish Reversal Signals Emerging as Key Resistance at $3,056 Comes into Focus

Technical Outlook

• Inverse Head and Shoulders Pattern:
  The chart indicates a potential bullish inverse head and shoulders formation, suggesting a possible breakout above the descending trendline. If the pattern plays out, gold could attempt to test higher resistance levels.

• Key Resistance Levels:

  • R1: Around $3,040, acting as a short-term resistance.

  • Major Resistance: $3,057, which aligns with last week’s peak. A breakout above this level could fuel further bullish momentum.

• Key Support Levels:

  • $2,999 - $3,000: Critical psychological and technical support.

  • $2,978: A further downside target if selling pressure intensifies.