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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.