Core Viewpoint - The gold market is currently at a critical juncture, with potential bearish signals if it breaks below key support levels, while also holding the possibility for bullish reversals if certain resistance levels are breached [1][2][3][4] Price Levels and Technical Analysis - A decisive break below the triangle's lower boundary would trigger a bearish signal, requiring further weakness through the higher swing low at $3,268 for confirmation [1] - If the price closes below $3,268, it would set up a test of the May swing low at $3,121, which also coincides with a 38.2% Fibonacci retracement level at $3,149 from April's record high of $3,500 [1] - Should $3,121 fail to hold, increased volatility is expected, as failed consolidation patterns can lead to extended moves, with the 200-Day moving average at $3,043 being the next major downside target [2] Market Sentiment and Potential Scenarios - While bearish risks are prevalent in the short term, traders should be cautious of potential false breakdowns, which could lead to renewed bullish momentum if the price reverses back into the triangle [3] - A breakout above the $3,439 swing high would confirm a reversal and signal a return to the longer-term uptrend [3] Overall Market Outlook - Until gold decisively breaks beyond the symmetrical triangle boundaries, momentum is likely to remain muted, with bears currently controlling the short-term picture [4] - Key levels to watch for the next decisive move are $3,268 on the downside and $3,439 on the upside [4]