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.
-
Recent News
Gold in Tight Range as US Banks are off...
February 17, 2025
Market Insights
Yellow Metal Continues to Shine, Whats N...
October 18, 2024
Market Insights
US30 (Dow Jones) Trading Within Ascendin...
July 29, 2025
Market Insights
US Tech 100 Consolidates Within Triangle...
March 21, 2025
Market Insights
Gold Rebounds to $2,600 as Dollar Soften...
November 18, 2024
Live Charts
NASDAQ made a Doji on daily chart
February 13, 2025
Market Insights