By MJ Forex Academy
Gold continues to show a bullish bias as long as the key support level of $3,160 remains intact. If this level holds, our intraday upside targets are set at $3,300, with a potential extension towards $3,330 in case of sustained momentum.
However, a decisive break below $3,200 would invalidate the bullish setup and shift the intraday bias to bearish, with immediate downside levels at $3,170.
🔍 Fundamental Overview:
The broader market remains in a range-bound phase, underpinned by cautious optimism. While geopolitical tensions—particularly the ongoing Russia-Ukraine conflict and global trade frictions—persist, recent developments hint at possible de-escalation, contributing to relative market stability.
Institutional investors are currently observing from the sidelines, eyeing a weekly structural retracement to accumulate long-term positions. This reflects confidence in gold’s value as a safe-haven asset amid global uncertainties and monetary policy shifts.
🔑 Summary:
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Bullish Above: $3,160
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Targets: $3,300 / $3,330
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Bearish Below: $3,200
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Target: $3,170
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Sentiment: Cautiously Bullish
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Institutional Outlook: Awaiting deeper pullback for accumulation
Stay disciplined and manage risk accordingly in today’s session.
— MJ Forex Academy
Smart Trading, Real Results