XAUUSD / GOLD / GC @ 3204 - Bigger Picture Analysis on 17-May-2025

GOLD BIGGER PICTURE

LTP 3204

BASE SUPPORT: 1034

Support: 3119

Resistance: 3501

There are multiple scenarios at this time.

Scenario 1:

a. Gold already bottomed around 3119 (actual expected target 3101, almost done).

Moving towards 3500/3734-3989-4355.

b. Can go in sideways as triangle for couple of weeks, months between 3100-3500 and breakout for the above targets.

Scenario 2:

If 3501 resists and break of 3119, can move down towards 2937, 2855. Downside extensions can be 2597, 2364.

BULLISH SCENARIO:

BASE SUPPORT 2077/1599/1034

Wherever gold goes down, as long as 2077-1919 holds support,

Gold is Long term bullish mode.

TARGETS:

Ultimate target zone 1: 3734-3989-4355, extension can be 4934.

Ultimate target zone 2: 5400-5655-6055

Ultimate target zone 2: 7077-7334-8116

As of now, I am bullish for the first Ultimate target zone. BUY ON DIPS is MY VIEW.

https://in.tradingview.com/chart/XAUUSD/2ZZHPKRb-GOLD-3204-Bigger-Picture-Analysis-on-17-May-2025/