GOLD Faces Challenges at 3400 Resistance
Gold is encountering significant resistance near the 3400 mark, causing the price to hesitate in establishing a definitive direction.
While it appears that gold is inclined to rise, selling pressure is preventing this upward movement. The price action is creating a wedge pattern, which often indicates a possible decline.
Should this pattern materialize, gold may experience a downturn.
In my opinion, this bearish scenario will only be negated by substantial market manipulation, as there are no new technical or fundamental factors supporting a rise in gold prices, even though the overarching trend remains bullish.
The primary risk is not solely technical or macroeconomic; it is that gold is one of the most manipulated assets within the market.
If the price falls below the resistance zone illustrated on the chart, the likelihood of a more significant decline will increase.
Targets: 3350, 3330, and 3294
I continue to prioritize a bearish trend.
