After breaking above the 3,270–3,290 zone, gold has confirmed the short-term uptrend (white trend). Now, this short-term trend channel is intersecting with the downward trendline drawn from the 3,500 high. Gold is nearing a key inflection point that will likely determine its medium-term direction: will the pattern of lower highs continue, or is another leg higher, possibly beyond 3,500 about to begin?

On the fundamental side, the picture remains highly uncertain. Market sentiment is shifting constantly, and that very uncertainty may be what continues to drive gold bulls for now. Bond market volatility, ongoing trade talks, and the potential for peace agreements in conflict zones will be the key drivers for gold in the near future.

The 3,345–3,370 zone will be crucial. Barring bull or bear traps, as long as this area holds, upward momentum could gradually weaken, leading to a potential move back toward the primary trendline that began in late 2024, which now sits near 3,150. A break below the white short-term trend channel would be the strongest technical signal of a reversal.

However, if gold breaks out decisively above this convergence zone, it could be setting its sights on 3,500—or possibly even higher in the coming weeks.