🚨 Gold Update: Bulls Eye $3,500 Again? 📈
08 Aug 2025
29 Jul 2025
Gold Price Faces Selling Pressure Near $3,340, Bears Eye Break Below $3,300
Technical analysis reveals that gold (XAU/USD) has formed a multiple top pattern around the $3,434–3,435 zone on the daily chart, signaling increased resistance. Momentum indicators are turning negative, reinforcing expectations for further declines.
A decisive break below the key $3,300 support level will confirm bearish control, potentially accelerating gold’s fall toward the crucial $3,260–3,255 support zone, aligned with the 100-day Simple Moving Average (SMA). Breaching this level would likely trigger a fresh wave of selling from aggressive traders.
On the upside, any recovery faces stiff resistance near $3,340. Clearing this hurdle could spark short-covering rallies, lifting prices to $3,367–3,368 and possibly reclaiming the $3,400 psychological level. However, the strong $3,434–3,435 barrier remains a formidable ceiling. Only a sustained breakout above this zone would invalidate the near-term bearish bias and open the door for a push toward the all-time high near $3,500 seen earlier this year.
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