Technical analysis: Spot gold may fall to the $3,314 to $3,342 range
2025-08-11 11:32:19
On Monday (August 11) in the Asian session, spot gold fluctuated and weakened, currently trading around $3,378.10 per ounce.
Reuters technical analysts pointed out that spot gold may fall below the support level of $3,364 per ounce and fall to the range of $3,314 to $3,342.
After trading sideways for several days below the $3,415 resistance level, gold may have formed a top. The channel technical indicator shows that gold prices may fall further to $3,352.
The bearish divergence on the hourly RSI suggests that there are low chances that the market will revisit the $3,408 high within the next few days.
If it breaks through $3,387, gold could see a weak rally around $3,415. The daily chart shows that gold failed to break through the resistance level of $3,396. This marks the completion of the gold rebound from $3,268.
Most likely, the metal price will break below the lower trendline of the ascending triangle to confirm a top formation.
At 11:31 Beijing time, spot gold was trading at $3,378.10 per ounce.
Reuters technical analysts pointed out that spot gold may fall below the support level of $3,364 per ounce and fall to the range of $3,314 to $3,342.
After trading sideways for several days below the $3,415 resistance level, gold may have formed a top. The channel technical indicator shows that gold prices may fall further to $3,352.
The bearish divergence on the hourly RSI suggests that there are low chances that the market will revisit the $3,408 high within the next few days.
If it breaks through $3,387, gold could see a weak rally around $3,415. The daily chart shows that gold failed to break through the resistance level of $3,396. This marks the completion of the gold rebound from $3,268.
Most likely, the metal price will break below the lower trendline of the ascending triangle to confirm a top formation.
At 11:31 Beijing time, spot gold was trading at $3,378.10 per ounce.
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