Following a sharp breakout from the demand zone around $3,310, gold has entered a sideways consolidation range between $3,355 – $3,367. The price has repeatedly tested the support at $3,352 – $3,354 but failed to form higher highs beyond $3,367. This signals buyer exhaustion and a potential distribution pattern at the top.
The inability to push higher suggests increased risk of a bearish breakdown.
Key Technical Levels
Immediate Resistance: $3,367.77
Short-Term Support: $3,352 – $3,354 (blue box zone)
Major Support Below: $3,310 – $3,315 (previous breakout base, near 0.5 Fibonacci retracement)
Suggested Trading Strategies
Primary Scenario: Sell on Breakdown
Trigger Condition: Price breaks below $3,352 with increasing volume
Entry: $3,350
Stop Loss: $3,360
Target: $3,320 – $3,310
This is a momentum-following setup, ideal if the current support fails.
Alternative Scenario: Buy from Major Support
Entry Zone: $3,310 – $3,315
Stop Loss: Below $3,300
Target: $3,345 – $3,355
Suitable for counter-trend traders looking to catch a rebound off strong demand.
Additional Technical Signals
EMA 20 (15m): Flattening out, indicating loss of bullish momentum
RSI: Hovering around 50, showing a balance between buyers and sellers
Volume: Gradually decreasing, suggesting a potential breakout setup is building
Gold is currently in a distribution phase after a sharp upward move. If the $3,352 support zone breaks, a retracement toward $3,310 – $3,315 is likely. However, bulls may step back in around that zone for a potential rebound.
Follow for more real-time gold strategies. Save this post if you find it useful for today’s session!
The inability to push higher suggests increased risk of a bearish breakdown.
Key Technical Levels
Immediate Resistance: $3,367.77
Short-Term Support: $3,352 – $3,354 (blue box zone)
Major Support Below: $3,310 – $3,315 (previous breakout base, near 0.5 Fibonacci retracement)
Suggested Trading Strategies
Primary Scenario: Sell on Breakdown
Trigger Condition: Price breaks below $3,352 with increasing volume
Entry: $3,350
Stop Loss: $3,360
Target: $3,320 – $3,310
This is a momentum-following setup, ideal if the current support fails.
Alternative Scenario: Buy from Major Support
Entry Zone: $3,310 – $3,315
Stop Loss: Below $3,300
Target: $3,345 – $3,355
Suitable for counter-trend traders looking to catch a rebound off strong demand.
Additional Technical Signals
EMA 20 (15m): Flattening out, indicating loss of bullish momentum
RSI: Hovering around 50, showing a balance between buyers and sellers
Volume: Gradually decreasing, suggesting a potential breakout setup is building
Gold is currently in a distribution phase after a sharp upward move. If the $3,352 support zone breaks, a retracement toward $3,310 – $3,315 is likely. However, bulls may step back in around that zone for a potential rebound.
Follow for more real-time gold strategies. Save this post if you find it useful for today’s session!
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🪙 JOIN OUR FREE TELEGRAM GROUP 🪙
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Join the community group to get support and share knowledge!
️🥇 Exchange and learn market knowledge
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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.