Gold Possible Retest of $3,365 Before Downside Move

kelmarin

Gold is currently trading around $3,335, approaching a critical resistance level at $3,365, which has been marked as a “Main Resistance” on the chart. The recent price movement shows a strong bullish rebound from the $3,293–$3,300 support zone, breaking above two key trendlines labeled "Breakout."

The chart suggests a potential “retest” of the $3,365 resistance before another downward move, as marked by the annotation "Possible Retest and Then Down." This idea is reinforced by the broader descending channel pattern visible from late June, indicating that the larger structure still favors bearish continuation unless a strong breakout occurs above $3,365.

⚠️ Bearish Confluence

• Price is inside a corrective channel, repeatedly failing to sustain above prior highs
  
• $3,365 has held firm multiple times as resistance — a strong horizontal and trendline convergence zone
  
• Price is still well below the swing high at $3,392
  

🟩 Bullish Scenario (If Invalidation Occurs)
If price breaks and closes above $3,365, it would invalidate the current bearish structure and open the door for upside targets like:

• $3,392 (previous high)
  
• $3,412
  
• Possibly $3,434, which is a longer-term diagonal trendline resistance
  

At present, gold is in a corrective upward move within a broader bearish channel. The zone between $3,337–$3,365 will be key. A bearish rejection here would confirm downside continuation, with price potentially targeting $3,265–$3,220. However, a bullish breakout above $3,365 could invalidate the bearish view and suggest strength returning toward $3,392 and above.

Note
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