Good afternoon, traders!
Gold remains capped below the key resistance at 3350, with repeated failed breakouts. Meanwhile, strong support zones below are keeping the price range-bound in a narrow consolidation channel.
📉 Technical Outlook:
As higher lows continue to form, the trendline support is gradually shifting upwards. On the 30-minute chart, we now observe a potential double top pattern forming. If confirmed, it would signal a bearish reversal with the possibility of further downside.
🔍 Key Support Levels:
Watch for the 3330 level as initial support. If it’s broken decisively and the market fails to recover quickly, this may confirm the short-term double top and open the door for more aggressive selling.
On a broader timeframe, focus on 3320 as a critical support area.
📊 Fundamental Focus:
The key event today is the release of U.S. CPI data, which carries significant market-moving potential. A strong reading could be bearish for gold, supporting a shift in sentiment toward the downside.
📌 Today’s Trading Plan:
✅ Buy Zone: 3289–3272
✅ Sell Zone: 3358–3373
🔄 Intraday Levels for Flexible Scalping:
3348 / 3332 / 3319 / 3307 / 3293
Trade cautiously ahead of the CPI report, and keep position sizes moderate to mitigate volatility risk.
Gold remains capped below the key resistance at 3350, with repeated failed breakouts. Meanwhile, strong support zones below are keeping the price range-bound in a narrow consolidation channel.
📉 Technical Outlook:
As higher lows continue to form, the trendline support is gradually shifting upwards. On the 30-minute chart, we now observe a potential double top pattern forming. If confirmed, it would signal a bearish reversal with the possibility of further downside.
🔍 Key Support Levels:
Watch for the 3330 level as initial support. If it’s broken decisively and the market fails to recover quickly, this may confirm the short-term double top and open the door for more aggressive selling.
On a broader timeframe, focus on 3320 as a critical support area.
📊 Fundamental Focus:
The key event today is the release of U.S. CPI data, which carries significant market-moving potential. A strong reading could be bearish for gold, supporting a shift in sentiment toward the downside.
📌 Today’s Trading Plan:
✅ Buy Zone: 3289–3272
✅ Sell Zone: 3358–3373
🔄 Intraday Levels for Flexible Scalping:
3348 / 3332 / 3319 / 3307 / 3293
Trade cautiously ahead of the CPI report, and keep position sizes moderate to mitigate volatility risk.
Trade active
Boosted by the bullish CPI data,gold has successfully reached the targeted sell zone,
and current positions are already in profit.
However, the market is still reacting to the data,
with high intraday volatility continuing.
If you prefer safety, now’s a good time to close your trade and secure profits
Still holding? Don’t forget to set a protective stop-loss
Momentum suggests the rally may not be fully over
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Feel free to join—it makes it easier to follow updates, and you can also contact me directly if you have any questions.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
I’ve created a channel where I’ll be posting market analysis and trading signals.
Feel free to join—it makes it easier to follow updates, and you can also contact me directly if you have any questions.
t.me/+h6RM5RdP6X9hNmI8
Feel free to join—it makes it easier to follow updates, and you can also contact me directly if you have any questions.
t.me/+h6RM5RdP6X9hNmI8
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.