Gold (XAUUSD) on the daily timeframe is showing signs of a temporary rebound after a sharp drop from the resistance zone at 3,452 USD. Specifically, the price has bounced back from the support area around 3,291 – 3,298 USD – a region aligned with dynamic EMA support and the 0.382 Fibonacci retracement of the previous bullish leg.
1. Key Technical Structure:
A clear reversal candlestick pattern has formed at a strong support zone, paving the way for a short-term technical rebound.
The 0.5 Fibonacci level at 3,346.5 is currently acting as the nearest resistance – aligning closely with today’s closing price.
EMA 20 and EMA 50 are beginning to converge, indicating market indecision on the next directional move.
2. Short-Term Price Scenarios:
Bullish Scenario: If price holds above the 3,291 – 3,298 support zone and breaks above 3,348, it could retest the 3,400 – 3,452 highs in the coming days. In this case, strengthening EMAs and bullish candle momentum would support this setup.
Bearish Scenario: Conversely, if the price fails to break through the 3,348 – 3,352 resistance zone and falls below 3,291 again, the market may head toward deeper support levels at 3,240 – or even as low as 3,167 USD.
3. Trading Recommendations:
Short-term Buy if there is a confirmed bullish candle closing above 3,348 with strong volume; stop loss below 3,291.
Sell on rally around 3,348 – 3,352 resistance if no clear breakout is confirmed.
Apply strict risk management, especially in a choppy market environment ahead of key macroeconomic data at the end of the month.
Conclusion:
XAUUSD is currently in a “trend re-evaluation zone.” Closely monitoring the 3,291 – 3,348 range will be the key to timing efficient entries in the short term.
1. Key Technical Structure:
A clear reversal candlestick pattern has formed at a strong support zone, paving the way for a short-term technical rebound.
The 0.5 Fibonacci level at 3,346.5 is currently acting as the nearest resistance – aligning closely with today’s closing price.
EMA 20 and EMA 50 are beginning to converge, indicating market indecision on the next directional move.
2. Short-Term Price Scenarios:
Bullish Scenario: If price holds above the 3,291 – 3,298 support zone and breaks above 3,348, it could retest the 3,400 – 3,452 highs in the coming days. In this case, strengthening EMAs and bullish candle momentum would support this setup.
Bearish Scenario: Conversely, if the price fails to break through the 3,348 – 3,352 resistance zone and falls below 3,291 again, the market may head toward deeper support levels at 3,240 – or even as low as 3,167 USD.
3. Trading Recommendations:
Short-term Buy if there is a confirmed bullish candle closing above 3,348 with strong volume; stop loss below 3,291.
Sell on rally around 3,348 – 3,352 resistance if no clear breakout is confirmed.
Apply strict risk management, especially in a choppy market environment ahead of key macroeconomic data at the end of the month.
Conclusion:
XAUUSD is currently in a “trend re-evaluation zone.” Closely monitoring the 3,291 – 3,348 range will be the key to timing efficient entries in the short term.
Trade active
The market seems indecisive – which direction do you expect the next breakout to go?
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