🚨 Gold Update: Bulls Eye $3,500 Again? 📈
08 Aug 2025
28 Jul 2025
📉 Gold Price Vulnerable Amid Ascending Channel Breakdown
Technical Outlook:
Gold (XAU/USD) continues to show signs of bearish pressure after breaking below a key ascending trend-channel and the 50% Fibonacci retracement of the June upswing. This breakdown on Friday has sparked renewed interest from sellers, putting the metal at risk of further declines.
📍 Key Breakdown Zone:
Ascending trend-channel support
50% Fibonacci retracement of June rally
Daily oscillators turning bearish
These developments suggest that momentum may now favor the bears. However, buyers showed some resilience around the 61.8% Fibo retracement zone near $3,312–$3,311, where a modest rebound occurred during Monday’s session.
👉 Caution is warranted: A decisive close below $3,311 would open the door for further downside targeting the $3,300 psychological level and potentially the monthly low at $3,283–$3,282.
Upside Scenarios:
In case of a bullish retracement, strong resistance lies ahead:
📌 Resistance Levels to Watch:
$3,351–$3,352 → 200-period SMA (4-hour chart)
$3,371–$3,373 → Near-term supply zone
$3,400 → Key psychological resistance
$3,438–$3,440 → Static resistance barrier
A close above $3,352 may trigger short-covering rallies, but bullish momentum would need to clear the $3,400 level to invalidate the current bearish outlook.
Summary:
The technical bias remains tilted to the downside unless bulls regain control above key resistance levels. A clean break below $3,311 could invite fresh selling toward $3,283, while recovery attempts are likely to be capped near $3,352.
