Gold Marks New ATH at 3600 – Bulls Still in ControlGold closed last week on a very strong note, posting its highest daily and weekly close and also printing a new all-time high at 3600, which now stands as an important psychological resistance Level. The overall price action structure continues to favor the bulls, with no major signs of reversal visible on any time frame.
For this week, the weekly pivot at 3541 will be going to act as the first line of support, followed by the previous ATH at 3500 as the secondary and more critical level to hold. While some consolidation or pullback from current levels cannot be ruled out given the stretched rally and overbought conditions (daily,H4) these dips can be viewed as healthy rather than bearish. As long as gold holds above 3500 on a closing basis, the broader trend remains bullish, and any corrective moves are likely to attract buying interest.
In short, unless bears can force a decisive break below 3500 (Daily close or week), gold bullish momentum remains intact, with scope for continuation above 3600 once consolidation is done.
