Has Gold Topped Out? Technical Signs Point to a Long-Term Correction
On the weekly chart, Gold (XAU/USD) just hit a new all-time high at $3,391 —
But it came with a false breakout above the long-term ascending channel from 2016.
This classic price behavior often signals the start of a deep correction, both in time and price.
Key Technical Signals:
• A breakout above the upper channel, followed by a return inside = bullish momentum weakening
• Current price action suggests a shift into sideways-to-bearish movement between $3,165 and $2,957
• Price stalling at the top = signs of buyer exhaustion and rising selling pressure
Updated Support Levels:
• $2,957 – First real support and key to confirming the correction
• $2,700 – Mid-range target
• $2,600 – Strong long-term support
Unless gold reclaims and holds above $3,165, it appears to have printed a major long-term top,
with the $2,600–$2,700 zone as the likely next destination.