Bullish Momentum Intact: Watching R2 for continuation or pause Gold continued its upside momentum after a clean breakout above the previous week’s high, leading to a strong one-way rally towards the weekly R2 level at 3754. At the moment, price is holding well above the rising trendline, showing no signs of major rejection or reversal. The immediate resistance remains at weekly R2, and a sustained break above this level could open the door for a move towards weekly R3 around 3800.
The overall structure is still bullish, with higher highs and higher lows firmly intact. For any meaningful correction to take place, price would first need to break below the rising trendline. A deeper retracement would require price to trade back under the previous week’s high, which would then shift the short-term bias toward the weekly pivot zone near 3672. Until then, dips are likely to be seen as buying opportunities.
