Gold (XAUUSD) is showing signs of bullish recovery after a sharp sell-off, with current price action around 3305.86 USD hinting at a potential breakout on the 1-hour timeframe.
- Technical Overview
Price structure: After a steep decline, gold formed a base near the 3284–3299 zone and is now climbing back, with a potential inverse head-and-shoulders formation taking shape.
EMA cluster: Price is approaching the confluence of the EMA 50, EMA 100, and EMA 200, currently acting as dynamic resistance around 3309–3323. A break above these levels may confirm bullish strength.
Fibonacci retracement: The bounce appears from the 0.874 extension, indicating the end of the previous bearish leg.
Volume analysis: Increasing bullish volume supports the idea of a potential breakout.
- Key Levels to Watch
Zone Type
Price Level (USD)
Remarks
Immediate Resistance: 3,309 – 3,323 - Major test zone; overlaps with EMA 50/100
Major Resistance : 3,337 – 3,340 - Previous high; if broken confirms bullish continuation
Support Zone: 3,299 – 3,302 - Intraday support turned demand zone
Critical Support: 3,284 – 3,285 - Recent swing low; invalidates bullish view if broken
- Intraday Strategy Suggestion
Scenario 1 – Bullish Breakout
Entry: Buy on breakout and retest of 3,309–3,323
SL: Below 3,299
TP1: 3,337
TP2: 3,355
- Confirmation by strong bullish candle closing above EMA cluster and above resistance zone.
Scenario 2 – Buy on Pullback
Entry: Buy limit at 3,300–3,302
SL: Below 3,284
TP1: 3,323
TP2: 3,337
- Look for RSI divergence or bullish engulfing candle at support for higher conviction.
- Final Note
The bulls are attempting to reclaim momentum after a major correction. If gold can sustain above the 3,309 resistance and hold the 3,300 base, a short-term bullish reversal could materialize.
- Technical Overview
Price structure: After a steep decline, gold formed a base near the 3284–3299 zone and is now climbing back, with a potential inverse head-and-shoulders formation taking shape.
EMA cluster: Price is approaching the confluence of the EMA 50, EMA 100, and EMA 200, currently acting as dynamic resistance around 3309–3323. A break above these levels may confirm bullish strength.
Fibonacci retracement: The bounce appears from the 0.874 extension, indicating the end of the previous bearish leg.
Volume analysis: Increasing bullish volume supports the idea of a potential breakout.
- Key Levels to Watch
Zone Type
Price Level (USD)
Remarks
Immediate Resistance: 3,309 – 3,323 - Major test zone; overlaps with EMA 50/100
Major Resistance : 3,337 – 3,340 - Previous high; if broken confirms bullish continuation
Support Zone: 3,299 – 3,302 - Intraday support turned demand zone
Critical Support: 3,284 – 3,285 - Recent swing low; invalidates bullish view if broken
- Intraday Strategy Suggestion
Scenario 1 – Bullish Breakout
Entry: Buy on breakout and retest of 3,309–3,323
SL: Below 3,299
TP1: 3,337
TP2: 3,355
- Confirmation by strong bullish candle closing above EMA cluster and above resistance zone.
Scenario 2 – Buy on Pullback
Entry: Buy limit at 3,300–3,302
SL: Below 3,284
TP1: 3,323
TP2: 3,337
- Look for RSI divergence or bullish engulfing candle at support for higher conviction.
- Final Note
The bulls are attempting to reclaim momentum after a major correction. If gold can sustain above the 3,309 resistance and hold the 3,300 base, a short-term bullish reversal could materialize.
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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.