Gold prices showed some indecision on Thursday, reaching a new short-term high at $3,403 before reversing sharply. The decline below Wednesday’s low of $3,344, with an intraday dip to $3,339, formed an outside day candle pattern, typically signaling market hesitation. However, technical support at a key descending trendline held firm, keeping the broader bullish structure intact.
🔸 At the time of writing, gold is trading lower on the day and hovering in the bottom half of its range — a sign that prices may consolidate further in the near term before another move higher. Still, this pause could be constructive for bulls, offering a chance for momentum to rebuild.
📊 A bullish ABCD continuation pattern remains valid, aiming for a completion around $3,491—which aligns with the record territory.
Gold’s recent price action suggests a healthy consolidation phase, as bulls absorb profit-taking pressure. The fact that gold is still trading above the declining trendline from the previous bearish wave indicates strong underlying demand.
The outside day pattern introduces the possibility of choppy or sideways action before a sustained move, especially as the market awaits Friday’s key U.S. economic data.
As long as XAU/USD holds above $3,333 and especially above the rising support trendline, the path of least resistance remains to the upside. A clean breakout above $3,403 would confirm bullish momentum, opening the door to $3,439 and potentially the $3,500 all-time high.
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