Technical Overview:
On the H1 chart, gold (XAUUSD) is trading around 3,346 USD after a decline from the recent high near 3,394 USD. Price is now reacting at the strong support zone 3,340 – 3,335 USD, which previously acted as a key demand area before a bullish breakout.
Key Technical Levels:
Major Support: 3,340 – 3,335 USD (recent low, aligned with prior accumulation zone).
Near-term Resistance: 3,360 – 3,370 USD (short-term supply zone).
Major Resistance: 3,390 – 3,394 USD (previous swing high).
Short-term Structure: Price is showing signs of forming a double bottom around support, with selling pressure slowing down
RSI (if applied) is approaching oversold territory → potential rebound setup.
EMA Outlook: If price holds above 3,340 and reclaims short-term EMAs, a strong bullish recovery could follow.
Trading Strategy Ideas:
Primary Long Setup
Entry: 3,340 – 3,335 USD.
Stop Loss: Below 3,328 USD.
Take Profit 1: 3,360 USD.
Take Profit 2: 3,390 USD.
Alternative Short Setup
Condition: A clean break below 3,335 USD with strong volume.
Stop Loss: Above 3,345 USD.
Target: 3,320 USD.
Outlook:
If the 3,335 USD support holds, gold could stage a rebound toward 3,360 and 3,390 USD. Traders should closely watch price action in this zone for confirmation before entering positions.
Follow for more high-quality trading strategies.
On the H1 chart, gold (XAUUSD) is trading around 3,346 USD after a decline from the recent high near 3,394 USD. Price is now reacting at the strong support zone 3,340 – 3,335 USD, which previously acted as a key demand area before a bullish breakout.
Key Technical Levels:
Major Support: 3,340 – 3,335 USD (recent low, aligned with prior accumulation zone).
Near-term Resistance: 3,360 – 3,370 USD (short-term supply zone).
Major Resistance: 3,390 – 3,394 USD (previous swing high).
Short-term Structure: Price is showing signs of forming a double bottom around support, with selling pressure slowing down
RSI (if applied) is approaching oversold territory → potential rebound setup.
EMA Outlook: If price holds above 3,340 and reclaims short-term EMAs, a strong bullish recovery could follow.
Trading Strategy Ideas:
Primary Long Setup
Entry: 3,340 – 3,335 USD.
Stop Loss: Below 3,328 USD.
Take Profit 1: 3,360 USD.
Take Profit 2: 3,390 USD.
Alternative Short Setup
Condition: A clean break below 3,335 USD with strong volume.
Stop Loss: Above 3,345 USD.
Target: 3,320 USD.
Outlook:
If the 3,335 USD support holds, gold could stage a rebound toward 3,360 and 3,390 USD. Traders should closely watch price action in this zone for confirmation before entering positions.
Follow for more high-quality trading strategies.
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🪙 JOIN OUR FREE TELEGRAM GROUP 🪙
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Join the community group to get support and share knowledge!
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Join the community group to get support and share knowledge!
️🥇 Exchange and learn market knowledge
️🥇 Support free trading signals
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.