The gold chart on the hourly timeframe (H1) shows choppy price action over the past weeks, with notable interaction around key technical levels, especially Fibonacci retracements and moving averages.
Since reaching the recent peak at $3,438 (Fibonacci 100% level), the price entered a corrective downward wave, finding initial support at $3,333 (Fibonacci 38.2%), before briefly breaking below to the $3,309 area (Fibonacci 23.6%).
However, in recent sessions, the market experienced a technical rebound from the $3,333 support zone, with the price reclaiming the $3,353 level (Fibonacci 50%) and currently trading around $3,360, slightly above key moving averages.
This setup suggests an attempt for a steady upward breakout, especially if the price manages to hold above the $3,373 level (Fibonacci 61.8%). Continued trading below this barrier would keep the risk of retesting $3,333 or even $3,309 alive.
The Relative Strength Index (RSI) stands at 56, indicating moderate momentum and no overbought conditions, leaving room for further gains without saturation risk.
Technically, gold is showing early signs of stabilization and a rebound from an important support level, but confirmation of a sustained upward trend requires a clear breakout above $3,373. If achieved, the next resistance levels are $3,402 (78.6%) and then the previous high at $3,438.
On the other hand, failure to hold above the $3,350–$3,370 range could lead the market to retest support levels near $3,333 and $3,309.
Source: Xstation
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