Gold Maintains Weekly Bullish Structure Amid Pullback

Gold Weekly Technical Outlook

Gold (XAU/USD) remains in a clear bullish trend on the weekly chart, currently trading around $3,230. After marking a new high, price action suggests a potential pullback—a healthy retracement that could set the stage for further gains.

Key Levels to Watch:

Current Price: $3,230

Retracement Zone:

First support at $3,100, a recent consolidation level

Deeper support between $2,950 – $2,900, aligned with prior breakout structure and strong demand from earlier in the trend

These levels are key for a potential bounce, as they mark high-probability zones for buyers to re-enter the market.

Upside Targets:

Short-term resistance: $3,280

Primary target (by mid-May): $3,400

This level aligns with the projected extension of the ascending structure and continuation of bullish momentum

Technical Outlook:

As long as gold holds above $2,900, the weekly bullish trend remains intact. A rebound from the retracement zone would likely lead to a renewed rally targeting the $3,400 region.