Gold Weekly Update:
Gold started last week testing the 3350 - 3360 zone, signaling the possible end of the recent pullback and hinting at a move higher.
But things quickly turned around. Over the next few days, prices dropped sharply, hitting as low as 3250 by Thursday, nearly a $100 slide from the week's peak.
After that steep fall, gold managed a rebound above 3300 and tried to push through the 3325–3330 range again, but the move didn’t hold. The week ended with price settling below 3300.
What’s Really Happening?
We saw a quick fake push upward, followed by a lot of hesitation around key levels.
Now the big question: Was that bounce just noise before another leg lower?
The 3280–3290 zone is being tested again and again. Will it finally give way, or are buyers stepping in to hold the line?
Why I Think There’s More Room to Fall
The chart is painting a clear picture:
Lower peaks and dips keep forming a sign the overall trend still leans downward.
3330 area has repeatedly acted as a ceiling for price.
Every attempt to climb is quickly met with selling.
The 3280–3290 area keeps getting pressured.
If price breaks below 3280 with conviction, we could see a stronger move downward.
Game Plan for the Week Ahead
The focus stays on shorting pullbacks, especially if gold moves back near or above 3300.
Plan Breaker or bias changed when: A strong push and hold above 3330 and flip of the range above 3330
Target Levels:
3250 = First reaction zone
3200 = Main downside target if the trend continues
Don’t chase moves. Wait for clean setups and let the market confirm the direction.
Note:
Ukraine and Russia War can be a key factor in the gold move today, price can manipulate and if 3330 Level Flips, we can look for buy setups with clean chart. How price behaves around the 3280 area will likely decide next week’s tone. If it drops below cleanly, it could set the stage for a deeper slide to 3250 or even 3200. Until that’s confirmed, don’t let emotions trade for you.
