- Gold nears $3,100 resistance, aligning with key Fibonacci levels, signaling a potential mid-term correction ahead.
- Support at $3,050–$3,058 holds firm, acting as a launchpad for further gains if buying pressure sustains.
- Geopolitical tensions boost demand, reinforcing gold’s safe-haven appeal and supporting its bullish momentum.
According to Crepto analyst CryptoBullet, Gold is on an uptrend with prices nearing the crucial $3,100 resistance level. The commodity has rallied with price action following major Fibonacci levels, which point towards an imminent correction.
Gold’s Upward Momentum and Key Technical Levels
With higher highs and higher lows, gold has continued to form in a bullish pattern. New highs were recently reached as the price broke through the $3,055–$3,060 resistance. Around $3,100 is the Fibonacci level at the 2.618 extension. Historically, this level has functioned as a zone of resistance.
The price has shown optimism, rising about 75% from its low of $1,740 in mid-2022. The continuation of the upward trend was validated by the breakout over the 1.618 Fibonacci level. There may be a potential test of the 2.618 level. However, a mid-term correction may occur as the price approaches this critical resistance.
Short-Term Support and Possible Pullback
On the hourly timeframe, according to analyst GPT Profit Hunter, gold shows a robust support area between $3,050 and $3,058. This demand zone could serve as a start for further upward movement. The price recently retested this level, holding firm above previous resistance.
Additionally, bullish candlesticks indicate strong buying pressure. If the price sustains above this support, a continuation toward $3,100 is likely. However, failure to hold could lead to deeper retracement, potentially triggering consolidation.
Geopolitical tensions also favor gold’s bullish bias. Rising violence in Gaza and continued military interventions have fueled demand for safe-haven assets. This external force can contribute to the scope for further upside momentum in gold prices.
