Gold Analysis Today: Breakout or Pullback at 3,698?

Morning Traders πŸ‘‹

Gold bulls nailed it, the swing long hit 3,700 last week, right on target.πŸ‘

Now price is sitting at that same resistance, and the chart gives us two straightforward paths:

πŸ“ˆ Continuation: A strong close above 3,698 opens the way toward the next target at 3,749.

πŸ“‰ Pullback: If sellers cap it here, first support sits around 3,636. Lose that, and 3,602 comes into play.

Big picture, the Fed’s rate cut on Wednesday is the driver. A dovish tone (hinting at more cuts this year) fuels continuation, while any caution on inflation risks a pullback.

πŸ‘‰ For now, it’s all about the 3,698 line in the sand, break it with a close or reject it.

Scroll to Top