- Gold Price Analysis: Key Levels to Watch as Gold Rebounds from Support at $3,200
- RSI Indicator Signals Stability Near 50, Stochastic Shows Potential for Upside Movement
Gold prices have shown a strong rebound recently, finding support at the key level of $3,200 and bouncing back within the short-term trading range of $3,167 to $3,440. The market’s ability to stay above the 261.8% Fibonacci retracement level at $3,200 suggests a potential move towards the 20-day simple moving average (SMA) at $3,290 and the resistance level of $3,440. A break above this resistance could pave the way for a test of the all-time high at $3,500, setting the stage for new record highs.
Conversely, a breach of the consolidation area and the 50-day SMA at $3,167, as well as the uptrend line, could signal a bearish correction towards the $2,950 barrier and the long-term rising trend line at $2,880. Despite trading in a sideways channel in the short term, the overall technical outlook for gold remains positive.