3,417 – 3,360 (final defense for buyers).1. Price Structure
Gold has surged strongly from 3,360 → 3,657, forming a steep uptrend inside a rising wedge channel.
Currently, price is near the upper boundary of the wedge and has just made a pullback.
2. Pattern & Technical Signals
A rising wedge pattern is visible, which often signals downside pressure when price touches the upper boundary.
The recent candlestick shows a long upper wick, indicating strong selling pressure around the 3,657 top.
The blue arrow on the chart highlights a potential correction back toward the wedge’s lower trendline.
3. Fibonacci Support Levels
From the rally 3,360 → 3,657:
Fib 0.786 = 3,573: short-term support, likely to be tested.
Fib 0.618 = 3,508: key medium-term support.
Fib 0.382 = 3,417: if this breaks, the short-term uptrend could reverse.
Red zone (3,360 – 3,417): a strong demand zone, may attract buying interest again.
4. Possible Scenarios
Scenario 1 (primary):
Price continues to correct down toward 3,573 – 3,508, then rebounds if the trendline holds.
Suitable for trend-following buys if reversal signals appear around the 0.618 Fib.
Scenario 2 (breakdown of wedge):
If price breaks below the wedge and Fib 0.5/0.382, it could drop back to 3,360 – 3,417.
In that case, the short-term bullish trend weakens → short opportunities may open up.
5. Conclusion
Gold is currently in a correction phase after a strong rally.
Key levels to watch:
3,573 – 3,508 (decisive for holding or losing the uptrend).
3,417 – 3,360 (final defense for buyers).
👉 Short-term: wait for price action signals around 0.786 – 0.618 Fib zone to consider buying with the trend.
👉 Medium-term: if 3,417 breaks, bearish momentum could return.
