📊 Market Overview:
Gold rallied to $3,357 yesterday following weak US manufacturing PMI, sparking expectations of an upcoming Fed rate cut. This morning, prices are pulling back to around $3,340 as traders await the FOMC meeting minutes for further guidance.
📉 Technical Analysis:
• Near resistance: $3,357
• Key resistance: $3,370
• Near support: $3,330
• Major support: $3,318
• EMA: Price is still above the 09 EMA, but starting to slope downward → short-term weakness emerging.
• Candlestick & momentum: Doji candle with a long upper wick on H4 chart around $3,357 → showing fading bullish momentum. RSI dropping out of overbought zone confirms potential short-term pullback
📌 Outlook:
Gold is currently in a mild downward correction, and may continue to decline toward $3,330 – $3,318 if the FOMC minutes do not suggest strong dovish intent.
💡 Suggested Trading Strategy:
🔻 SELL XAU/USD at: $3,350 – $3,354
🎯 TP: $3,330
❌ SL: $3,359
🔺 BUY XAU/USD at: $3,328 – $3,332
🎯 TP: $3,350
❌ SL: $3,318
Gold rallied to $3,357 yesterday following weak US manufacturing PMI, sparking expectations of an upcoming Fed rate cut. This morning, prices are pulling back to around $3,340 as traders await the FOMC meeting minutes for further guidance.
📉 Technical Analysis:
• Near resistance: $3,357
• Key resistance: $3,370
• Near support: $3,330
• Major support: $3,318
• EMA: Price is still above the 09 EMA, but starting to slope downward → short-term weakness emerging.
• Candlestick & momentum: Doji candle with a long upper wick on H4 chart around $3,357 → showing fading bullish momentum. RSI dropping out of overbought zone confirms potential short-term pullback
📌 Outlook:
Gold is currently in a mild downward correction, and may continue to decline toward $3,330 – $3,318 if the FOMC minutes do not suggest strong dovish intent.
💡 Suggested Trading Strategy:
🔻 SELL XAU/USD at: $3,350 – $3,354
🎯 TP: $3,330
❌ SL: $3,359
🔺 BUY XAU/USD at: $3,328 – $3,332
🎯 TP: $3,350
❌ SL: $3,318
Trade active
active signal BUYTrade closed: target reached
+110 pips from the 3328 entry point.
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📈 Daily Buy/Sell signals for investors
💡 Technical breakdowns & market outlooks
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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 | Gold | Crypto Market Insights & Signals
📰 Real-time news updates & expert analysis
📈 Daily Buy/Sell signals for investors
💡 Technical breakdowns & market outlooks
🔗 Join our free group: t.me/+DmS-dVFJMm40MDM9
📰 Real-time news updates & expert analysis
📈 Daily Buy/Sell signals for investors
💡 Technical breakdowns & market outlooks
🔗 Join our free group: t.me/+DmS-dVFJMm40MDM9
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.