Buy if price breaks above 3,670 with confirmation, target around

1. Main Trend

Gold remains in a strong uptrend, forming higher highs and higher lows.

The rising channel (red trendlines) is still intact, though price is now testing a strong resistance zone.

2. Resistance Zone & Upside Target

Key resistance area: 3,650 – 3,670 USD/oz (blue box on the chart).

If price breaks clearly above 3,670, the next target will likely be 3,700 – 3,720 (psychological level and Fibonacci extension zone).

3. Pullback Scenario

If price fails to break resistance, a pullback may occur toward Fibonacci retracement levels:

Fib 0.786 ≈ 3,574 USD (nearest support).

Fib 0.618 ≈ 3,509 USD (major support, aligning with previous demand zone – red box).

Fib 0.5 ≈ 3,463 USD (intermediate support).

The 3,500 – 3,510 USD zone is a critical support area; if broken, a deeper correction could unfold.

4. Technical Signals

Price is forming a small triangle/pennant pattern right at resistance → suggesting a strong breakout is likely soon.

RSI/Momentum (not shown here but typically at these levels) may be in overbought territory, increasing the chance of a short-term correction before resuming higher.

5. Trading Scenarios

Bullish case (preferred): Buy if price breaks above 3,670 with confirmation, target around 3,700 – 3,720.

Bearish case: If price gets rejected at resistance and breaks below the rising trendline, short-term selling may target 3,574 – 3,510.

📌 Summary:

The main trend remains bullish, but the 3,650 – 3,670 zone is the decision point.

A confirmed breakout → 3,700+.

Failure to hold → correction toward 3,574 or deeper to 3,510.