Gold has been under pressure from the Fed's cautious stance on rate cuts amid strong US employment data, the recovery of the US Dollar, and rising bond yields. Additionally, the relative easing of Iran-Israel tensions in the Middle East has weakened safe-haven demand and increased selling pressure.
Technically, a break below the yellow rising trend line of around 3,290-3,300, loss of EMA50 support, RSI below 50, and weakening momentum on MACD suggest a bearish scenario.
Therefore, gold may retreat to the 3,260-3,240 range, and if the breakout continues, 3,200-3,210 or even 3,130-3,100 levels can be targeted
However, if there is a reaction in the 3,260-3,280 support band, accompanied by a recovery in the RSI and MACD indicators, a rebound scenario towards 3,340-3,350, 3,430-3,450 in case of a break above 3,430-3,450 - eventually 3,500 may come into play.
Technically, a break below the yellow rising trend line of around 3,290-3,300, loss of EMA50 support, RSI below 50, and weakening momentum on MACD suggest a bearish scenario.
Therefore, gold may retreat to the 3,260-3,240 range, and if the breakout continues, 3,200-3,210 or even 3,130-3,100 levels can be targeted
However, if there is a reaction in the 3,260-3,280 support band, accompanied by a recovery in the RSI and MACD indicators, a rebound scenario towards 3,340-3,350, 3,430-3,450 in case of a break above 3,430-3,450 - eventually 3,500 may come into play.
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.
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.