Gold Consolidating Ahead of Next Move – Is 3390 the Bull Target or a False Breakout Trap?
🧭 Fundamental Outlook
Gold has entered a tight consolidation phase following a wave of high-impact macroeconomic events:
The US House of Representatives has passed Trump's “Super Bill”, raising expectations of increased fiscal spending and long-term inflationary pressures. In theory, this is supportive of gold prices.
However, strong NFP and Unemployment Rate figures released recently have reinforced dollar strength in the short term, suggesting the Fed may delay rate cuts → a temporary headwind for gold.
With Independence Day in the US, liquidity across global markets is expected to drop, increasing the risk of false moves or stop-hunt volatility.
🟡 The lack of immediate upside doesn’t mean bullish momentum has disappeared. Price may simply be building energy before its next leg.
📉 Technical Overview – XAU/USD
Gold has broken out of a minor descending trendline and is now testing a key supply zone around 3344–3345, which could determine the intraday trajectory.
🔍 Key Levels
Resistance Zones: 3345 – 3362 – 3374 – 3388 – 3390
Support Zones: 3330 – 3312 – 3304 – 3302 – 3298
🟢 Bullish Scenarios (Buy Setups)
📍 Intraday Buy Zone:
3313 – 3311
Stop Loss: 3307
Take Profit: 3316 – 3320 – 3325 – 3330 – 3335 – 3340 – 3345 – 3350
📍 Deep Pullback Buy Zone:
3304 – 3302
Stop Loss: 3298
Take Profit: 3308 – 3312 – 3316 – 3320 – 3330 – 3340
These zones are ideal for trend-continuation entries, especially if supported by bullish candles or price action on lower timeframes.
🔴 Bearish Scenarios (Short-Term Only)
📍 Intraday Sell Zone:
3362 – 3364
Stop Loss: 3368
Take Profit: 3358 – 3354 – 3350 – 3346 – 3340 – 3335 – 3330
📍 High-Risk Sell Zone:
3388 – 3390
Stop Loss: 3394
Take Profit: 3384 – 3380 – 3376 – 3370 – 3365 – 3360
Bearish positions should be reserved for signs of exhaustion or rejection patterns at resistance levels.
🧠 Trading Bias for Today
With limited liquidity due to the US holiday, price may remain trapped in a sideways range between 3320 and 3340. Traders should stay nimble and avoid overexposure.
✅ Primary bias: Buy dips near major support
⚠️ Alternative view: Only short if price confirms reversal at resistance
💬 What’s Your Take on Gold Today?
Will gold break through the 3390 barrier this week?
Or are we looking at one more dip before a true bullish continuation?
👇 Share your thoughts and trading ideas in the comments!
🧭 Fundamental Outlook
Gold has entered a tight consolidation phase following a wave of high-impact macroeconomic events:
The US House of Representatives has passed Trump's “Super Bill”, raising expectations of increased fiscal spending and long-term inflationary pressures. In theory, this is supportive of gold prices.
However, strong NFP and Unemployment Rate figures released recently have reinforced dollar strength in the short term, suggesting the Fed may delay rate cuts → a temporary headwind for gold.
With Independence Day in the US, liquidity across global markets is expected to drop, increasing the risk of false moves or stop-hunt volatility.
🟡 The lack of immediate upside doesn’t mean bullish momentum has disappeared. Price may simply be building energy before its next leg.
📉 Technical Overview – XAU/USD
Gold has broken out of a minor descending trendline and is now testing a key supply zone around 3344–3345, which could determine the intraday trajectory.
🔍 Key Levels
Resistance Zones: 3345 – 3362 – 3374 – 3388 – 3390
Support Zones: 3330 – 3312 – 3304 – 3302 – 3298
🟢 Bullish Scenarios (Buy Setups)
📍 Intraday Buy Zone:
3313 – 3311
Stop Loss: 3307
Take Profit: 3316 – 3320 – 3325 – 3330 – 3335 – 3340 – 3345 – 3350
📍 Deep Pullback Buy Zone:
3304 – 3302
Stop Loss: 3298
Take Profit: 3308 – 3312 – 3316 – 3320 – 3330 – 3340
These zones are ideal for trend-continuation entries, especially if supported by bullish candles or price action on lower timeframes.
🔴 Bearish Scenarios (Short-Term Only)
📍 Intraday Sell Zone:
3362 – 3364
Stop Loss: 3368
Take Profit: 3358 – 3354 – 3350 – 3346 – 3340 – 3335 – 3330
📍 High-Risk Sell Zone:
3388 – 3390
Stop Loss: 3394
Take Profit: 3384 – 3380 – 3376 – 3370 – 3365 – 3360
Bearish positions should be reserved for signs of exhaustion or rejection patterns at resistance levels.
🧠 Trading Bias for Today
With limited liquidity due to the US holiday, price may remain trapped in a sideways range between 3320 and 3340. Traders should stay nimble and avoid overexposure.
✅ Primary bias: Buy dips near major support
⚠️ Alternative view: Only short if price confirms reversal at resistance
💬 What’s Your Take on Gold Today?
Will gold break through the 3390 barrier this week?
Or are we looking at one more dip before a true bullish continuation?
👇 Share your thoughts and trading ideas in the comments!
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⚜️Daily 8 to 15 Signals VIP
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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.
⚜️ Trade with Money Market Flow, logic, Price action 📉📈
⚜️Risk Reward 1.3 to 2.5...
⚜️Daily 8 to 15 Signals VIP
Get quality daily trading signals and plans here
JOIN NOW
byvn.net/t06K
⚜️Risk Reward 1.3 to 2.5...
⚜️Daily 8 to 15 Signals VIP
Get quality daily trading signals and plans here
JOIN NOW
byvn.net/t06K
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.