Gold prices test resistance at the $2,995 to $3,005 level as traders focus on the U.S. dollar’s recent pullback. If gold climbs above $3,005, it may gain additional upside momentum and move toward the $3,050 level. Meanwhile, silver remains primarily flat as the gold/silver ratio climbed back above 88.50.
Should silver stabilize above $34.00, it could reach the nearest resistance at $34.60 to $34.85. As its strong rally continues, platinum is also testing resistance at $1,015 to $1,020. The platinum Relative Strength Index (RSI) remains in moderate territory, indicating room to gain additional momentum soon.
If platinum settles above $1,020, it will likely advance toward the resistance at $1,050 to $1,055. Gold futures are trading in an intraday bearish territory, with a price of $3,001.50, reflecting a 0.26% change from Friday’s close.
Gold tests key psychological level
The market outlook suggests focusing on strategic short entries and profit-taking levels for traders. For those with a bearish outlook, potential short entry zones include the current Point of Control (POC), today’s Volume-Weighted Average Price (VWAP), Friday’s Value Area Low (VAL), and Thursday’s lower VWAP deviation. A retest and rejection between $2,994.50 and $2,997.30 could present favorable shorting opportunities.
On the other hand, traders with a bullish outlook should wait for a confirmatory move above $3,001.50 to invalidate the bearish structure. Bullish profit targets include Friday’s Value Area High (VAH), the second and third upper VWAP deviations from Friday, and the third upper VWAP deviation from Thursday. The gold market is currently consolidating around the psychological $3,000 level, which often acts as a liquidity trap.
Market makers favor round numbers, so price fluctuations near this zone are expected before a decisive move occurs. Traders should employ staged exits at key bearish or bullish targets depending on their position and closely monitor the VWAP at $2,997.30 for possible short-term rejections or bullish reversals. As always, managing risk effectively when trading gold futures is crucial.
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