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.

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