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Gold’s short-term range is defined by the $2,999.46 low and the $3,167.84 high. Initial downside focus is on the pivot at $3,083.65. A break below that exposes the 50% retracement of the intermediate move ($2,832.72 to $3,167.84) at $3,000.28.
If gold closes lower, a closing price reversal top would form—opening the door to a 2 to 3-day correction. Conversely, a clean breakout above $3,167.84 would resume the uptrend and likely trigger a run toward $3,200, in line with bullish forecasts from firms like ANZ.
Is Sentiment Still Strong Enough to Drive New Highs?
Market conviction remains intact. “Picking a price top is difficult when you’re at all-time highs,” said independent analyst Ross Norman, “but it’s clear dips are being bought aggressively, and that confirms strong underlying sentiment.”
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