Gold with technical analysis and its key support and resistance

Gold with technical analysis and its key support and resistance

Gold is in a rising parallel channel on the 3‑hour chart, currently reacting lower from the upper boundary, so short‑term bias is for a pullback within an overall uptrend.
Key levels to watch are supports near 129,175–127,120 and resistance around 131,200–131,500 and the channel top.

## Trend structure

- Price has been respecting a well‑defined ascending channel since early November, with higher highs and higher lows confirming an uptrend on this timeframe.
- The latest swing has reached the upper band of this channel and shows rejection candles, indicating supply pressure and possible short‑term exhaustion of buyers.

## Support zones

- Immediate intraday support is near the mid‑channel and prior breakout area around 129,100–129,200; a hold here keeps the uptrend structure intact.
- Deeper support sits at 127,100–127,200, aligning with the channel lower boundary and previous demand zone; a sustained break below this area would signal a potential trend change or larger correction towards 125,000 and then 122,000.

## Resistance zones

- The first and most important resistance is the recent high and channel top region near 131,200–131,500, where repeated rejections suggest strong sellers.
- If price can close firmly above this band, the channel’s upper projection opens room for further upside, with next resistance coming from measured channel extension and recent technical levels around 133,000–133,500.

## Trading view

- As long as price stays inside the rising channel and above 127,100–127,200, the primary trend remains bullish and dips into support can be treated as buy‑on‑dip opportunities with tight risk control.
- A breakdown below the lower channel with volume would favor a shift to sell‑on‑rise, targeting the lower horizontal supports mentioned, while any fresh breakout above 131,500 would invalidate the short‑term bearish pullback idea and resume the up‑leg.