Scenario 1 (Bullish continuation): If price breaks above 3,655 w

1. Main Trend

Gold is currently in a strong uptrend, shown by higher highs and higher lows, breaking through previous resistance levels.

Price is now touching the descending resistance trendline (red) around 3,654 USD.

2. Support & Resistance Zones

Nearest resistance: Red trendline zone around 3,650 – 3,655 USD, where profit-taking or pullbacks may occur.

Key support: 3,450 – 3,460 USD (blue box, aligned with Fibonacci 0.5).

Deeper supports:

3,411 USD (Fibo 0.382).

3,353 USD (Fibo 0.236).

3. Fibonacci Retracement Levels

From the latest bullish leg:

0.786 → 3,570 USD → potential shallow pullback support.

0.618 → 3,504 USD → strong retracement support.

0.5 → 3,457 USD → aligns with the major support zone.

0.382 → 3,411 USD.

0.236 → 3,353 USD.

4. Price Scenarios

Scenario 1 (Bullish continuation): If price breaks above 3,655 with strong momentum, it could aim for higher Fibonacci extension targets.

Scenario 2 (Short-term correction): Price may reject at resistance and pull back toward 3,570 or deeper to 3,500 – 3,460 before continuing upward.

Scenario 3 (Bearish breakdown): If price loses the 3,450 support zone, short-term bullish structure will weaken, opening room for 3,410 – 3,353.

5. Trading Plan

Buy on dips (preferred): Look for long entries around 3,500 – 3,460, with stop-loss below 3,410.

Short-term sell: Consider shorting near 3,650 – 3,655 (trendline resistance), targeting 3,570 – 3,500.

👉 In summary: The larger trend remains bullish, but price is testing a strong resistance zone, so a short-term correction is likely before the next leg up.