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Today, gold is rising. The recent price movement within a range observed since the beginning of this month represents the formation of a "rectangle" pattern, indicating trader indecision. In addition, oscillators on the daily chart are close to neutral territory, suggesting caution before planning the next directional move. Any further decline is likely to find solid support at the 50-day SMA near $3324, before potentially dropping to the round number of $3300. However, a decisive break below this level would leave the precious metal vulnerable to an accelerated decline toward the July low in the $3248–3247 level.
On the other hand, any upward move above today's intraday high around $3354 could attract new buyers, though the rally is likely to remain capped at the $3365–3366 level — the upper boundary of the short-term rectangle trading range. A sustained move above this zone would trigger a short-covering rally, allowing the price to reach the psychological level of $3400. The upward trajectory could then continue, targeting the next resistance level.
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