The final days of last week have been frustrating for Gold traders, to say the least.
Starting Thursday, when the price tested the waters around 3400, we entered a range — but not a calm one. The moves inside this range were sharp and violent: a quick rally to 3400 followed by an equally quick drop to the 3380 zone, and so on.
Even the final hours of Friday mirrored this behaviour, with Gold dipping to 3380 only to recover and close the week near 3400.
The Asian open a few hours ago brought another twist — a gap above 3400 that was quickly filled, followed by continued downside in what could be described as a classic “gap and crap” scenario.
From a chart perspective, the bigger picture is still unclear. We do, however, have two critical levels to watch:
• 3365 → important support
• 3400 → key psychological resistance and technical level
Until we get a clear and decisive break above or below one of these zones, direction remains uncertain.
Personal plan:
• I would avoid trading an immediate breakdown below support today — in such a case, I’d prefer to wait for the daily close before committing.
• On the other hand, if price pushes back towards 3400, I suspect we might finally see a breakout, so I’ll be preparing for long positions in that scenario.
For now, a wait-and-see approach seems most prudent.
Disclosure: I am part of TradeNation's Influencer program and receive a monthly fee for using their TradingView charts in my analyses and educational articles.
Starting Thursday, when the price tested the waters around 3400, we entered a range — but not a calm one. The moves inside this range were sharp and violent: a quick rally to 3400 followed by an equally quick drop to the 3380 zone, and so on.
Even the final hours of Friday mirrored this behaviour, with Gold dipping to 3380 only to recover and close the week near 3400.
The Asian open a few hours ago brought another twist — a gap above 3400 that was quickly filled, followed by continued downside in what could be described as a classic “gap and crap” scenario.
From a chart perspective, the bigger picture is still unclear. We do, however, have two critical levels to watch:
• 3365 → important support
• 3400 → key psychological resistance and technical level
Until we get a clear and decisive break above or below one of these zones, direction remains uncertain.
Personal plan:
• I would avoid trading an immediate breakdown below support today — in such a case, I’d prefer to wait for the daily close before committing.
• On the other hand, if price pushes back towards 3400, I suspect we might finally see a breakout, so I’ll be preparing for long positions in that scenario.
For now, a wait-and-see approach seems most prudent.
Disclosure: I am part of TradeNation's Influencer program and receive a monthly fee for using their TradingView charts in my analyses and educational articles.
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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.
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
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.