On the H4 chart, gold recently dropped over 1,250 pips, but is now showing signs of stabilizing around the key support zone at 3,303 USD. Although price temporarily broke below the ascending trendline, current price action suggests a possible false breakout. If support holds, a rebound toward the 3,418 USD resistance – aligning with the previous trendline and an unfilled FVG – becomes likely.
Yesterday’s decline was largely triggered by news that the U.S. carried out airstrikes on Iranian nuclear sites, boosting the USD and pressuring gold. However, the broader market remains sensitive, with traders awaiting crucial U.S. data – including Q1 GDP and Core PCE, the Fed’s preferred inflation gauge.
If these upcoming releases signal economic slowdown or easing inflation, gold may regain upside momentum. As long as 3,303 USD holds, the technical structure favors a short-term bullish scenario.
Yesterday’s decline was largely triggered by news that the U.S. carried out airstrikes on Iranian nuclear sites, boosting the USD and pressuring gold. However, the broader market remains sensitive, with traders awaiting crucial U.S. data – including Q1 GDP and Core PCE, the Fed’s preferred inflation gauge.
If these upcoming releases signal economic slowdown or easing inflation, gold may regain upside momentum. As long as 3,303 USD holds, the technical structure favors a short-term bullish scenario.
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Top trading opportunities are waiting for you! : t.me/+aljKUwb-ar1jNDg1
🔥 High-quality signals – Win rate up to 85%
📍 Accurate, verified technical analysis
⚡ Fast updates – Never miss a golden entry
🔥 High-quality signals – Win rate up to 85%
📍 Accurate, verified technical analysis
⚡ Fast updates – Never miss a golden entry
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.