Core Viewpoint - The gold market is currently facing resistance between $3,782 and $3,812, with signs of slowing momentum despite recent price strength [1][3][5] Price Resistance and Targets - The resistance zone between $3,782 and $3,812 is critical, with at least five indicators converging in this area [1] - A breakout above $3,812 could lead to higher price targets, notably a 261.8% extension of the ABCD pattern at $3,896, and a further confluence zone between $3,982 and $3,998 [2] Momentum Indicators - Momentum indicators, particularly the Relative Strength Index (RSI), indicate a bearish divergence, suggesting that while prices are reaching new highs, the momentum is not confirming this strength [3] - The current resistance near the top of a rising trend channel implies that any potential upside breakouts may struggle without prior consolidation [3] Support Levels - Initial support is identified at the day's low of $3,734, followed by the 10-Day moving average at $3,712, and more significant support at the 20-Day moving average at $3,650 [4] - A drop below these support levels could signal a deeper retracement, indicating that the current rally may be overextended in the short term [4] Market Outlook - The overall trend remains bullish, with strong demand reflected in recent record closes, but caution is warranted due to weakening momentum and proximity to key resistance levels [5] - The next directional move for gold will depend on whether prices break decisively above $3,812 or fall below $3,712, indicating a contest between sustained buying and potential correction risks [5]

Trading Strategies - Stock traders use price charts to identify support and resistance levels [1] - These levels help determine optimal buying and selling times [1]