Gold has touched the key support level at $3290/oz as expected and is now hovering around $3295, indicating that the downward momentum remains intact. Recent U.S. economic data has been positive for the U.S. dollar, adding to short-term pressure on gold.
➡️ The strong data reinforces the Fed’s hawkish stance, increasing expectations that interest rates will remain elevated for longer. As a result, both the U.S. dollar and Treasury yields have risen, weighing heavily on gold prices.
🔍 Technical Analysis:
• Price is tracking below the EMA 09, suggesting the downtrend is still in play.
• The $3290 support has been tested; a break below this level could open the door to the next target at $3225.
• A consistent bearish candlestick pattern shows no clear signs of reversal.
• Lack of strong buying interest at current levels suggests further downside is likely.
💡 Suggested Trade Strategy (Short-Term Bias: Bearish):
• SELL XAU/USD in the $3294 – $3297 zone
🎯 TP1: $3275
🎯 TP2: $3225
❌ SL: $3305
• BUY XAU/USD only if price pulls back to the $3225 zone with clear support signals
🎯 TP: $3260 – $3270
❌ SL: $3210
➡️ The strong data reinforces the Fed’s hawkish stance, increasing expectations that interest rates will remain elevated for longer. As a result, both the U.S. dollar and Treasury yields have risen, weighing heavily on gold prices.
🔍 Technical Analysis:
• Price is tracking below the EMA 09, suggesting the downtrend is still in play.
• The $3290 support has been tested; a break below this level could open the door to the next target at $3225.
• A consistent bearish candlestick pattern shows no clear signs of reversal.
• Lack of strong buying interest at current levels suggests further downside is likely.
💡 Suggested Trade Strategy (Short-Term Bias: Bearish):
• SELL XAU/USD in the $3294 – $3297 zone
🎯 TP1: $3275
🎯 TP2: $3225
❌ SL: $3305
• BUY XAU/USD only if price pulls back to the $3225 zone with clear support signals
🎯 TP: $3260 – $3270
❌ SL: $3210
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Disclaimer
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📊 Forex | Gold | Crypto Market Insights & Signals
📰 Real-time news updates & expert analysis
📈 Daily Buy/Sell signals for investors
💡 Technical breakdowns & market outlooks
🔗 Join our free group: t.me/+DmS-dVFJMm40MDM9
📰 Real-time news updates & expert analysis
📈 Daily Buy/Sell signals for investors
💡 Technical breakdowns & market outlooks
🔗 Join our free group: t.me/+DmS-dVFJMm40MDM9
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.