Expect price from 3,590 to correct down to around 3,5201. Price Structure
Previous trend: Gold has been in a strong uptrend since late August, consistently forming higher highs and higher lows.
Currently, price has reached the upper channel resistance (red trendline) and is showing a small double-top pattern, signaling potential weakness.
2. Fibonacci & Support Levels
Fibonacci retracement drawn from 3,268 → 3,590.
Key levels:
0.786 = 3,510 (aligned with lower trendline → strong support).
0.618 = 3,460 → medium-term support.
0.382 = 3,380 → if broken, short-term bullish structure weakens.
3. Patterns & Technical Signals
The chart indicates a blue arrow: expectation of a pullback from 3,590 toward around 3,520 (grey trendline + 0.786 Fibo).
If price holds above 3,510 → potential rebound to continue the uptrend.
If 3,510 breaks → deeper correction likely toward 3,460 – 3,420.
4. Trading Scenarios
Scenario 1 (preferred):
Short-term sell from 3,590 → 3,520.
TP: 3,520 – 3,510, SL above 3,600.
Scenario 2:
If 3,510 – 3,520 holds strong → consider long entries in line with the main trend.
TP: 3,590 → 3,620, SL below 3,490.
👉 Summary: Gold is showing short-term weakness after a sharp rally, likely to correct toward 3,510 – 3,520 before the next move becomes clearer.
