Hello everyone,
On the 4H timeframe, gold is showing clear signs of weakness. After multiple failed attempts at the 3,360 – 3,378 USD resistance zone, the price slipped below 3,340 USD and is now hovering around 3,330 USD. This indicates that selling pressure remains dominant, while the buyers’ defensive efforts are increasingly fragile. If the 3,326 USD level is breached, the market is likely to extend its decline toward 3,276 USD – the lower boundary of the sideways range that has lasted for nearly a month.
From a macro perspective, the market’s focus is on the FOMC minutes to be released tonight. Following a streak of disappointing labor market data along with higher July PPI inflation, investors are eagerly awaiting clearer signals from the Fed. While expectations for a rate cut in September remain dominant, this alone is not enough to ease short-term downside pressure on gold. Moreover, news of the meeting between President Zelensky and U.S. President Donald Trump suggests that the door to peace talks in Ukraine is opening wider, potentially reducing safe-haven demand.
Considering these factors, the main scenario remains that gold continues to face downward pressure, with the next target at 3,276 USD, unless the price reclaims the 3,340 USD zone.
Thank you for following this analysis. See you again in the next updates!
On the 4H timeframe, gold is showing clear signs of weakness. After multiple failed attempts at the 3,360 – 3,378 USD resistance zone, the price slipped below 3,340 USD and is now hovering around 3,330 USD. This indicates that selling pressure remains dominant, while the buyers’ defensive efforts are increasingly fragile. If the 3,326 USD level is breached, the market is likely to extend its decline toward 3,276 USD – the lower boundary of the sideways range that has lasted for nearly a month.
From a macro perspective, the market’s focus is on the FOMC minutes to be released tonight. Following a streak of disappointing labor market data along with higher July PPI inflation, investors are eagerly awaiting clearer signals from the Fed. While expectations for a rate cut in September remain dominant, this alone is not enough to ease short-term downside pressure on gold. Moreover, news of the meeting between President Zelensky and U.S. President Donald Trump suggests that the door to peace talks in Ukraine is opening wider, potentially reducing safe-haven demand.
Considering these factors, the main scenario remains that gold continues to face downward pressure, with the next target at 3,276 USD, unless the price reclaims the 3,340 USD zone.
Thank you for following this analysis. See you again in the next updates!
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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.