Gold opened the week continuing its bearish move down to the 3303 area. Since then, price has been slowly climbing, showing signs of retracement — but structure remains uncertain.
On the 4H timeframe, we’re currently forming a head and shoulders pattern (now 2/3 complete), and price action is also shaping a bearish flag, suggesting a possible continuation to the downside.
We’re heading into heavy economic news starting tomorrow morning, along with the beginning of earnings season for major assets — all of which could trigger sharp volatility in gold.
Key levels to watch:
• A break above the swing high at 3345 would suggest a bullish continuation.
• A break below the swing low at 3308 would confirm a bearish move.
• The resistance level at 3365 is a key zone to monitor — this is where I expect the right shoulder of the head and shoulders pattern to complete.
Importantly, the 50 SMA is currently traveling in line with this 3365 resistance, adding extra confluence. A break above 3365 would not only take out a strong historical level but also break above the 50 SMA, signaling potential strength to the upside. On the flip side, a rejection from this area would serve as a double rejection — from both resistance and the 50 SMA — reinforcing the bearish case.
For now, it’s a tug of war between buyers and sellers, and with the upcoming data releases, momentum could shift fast.
⚠️ As always, wait for confirmed setups, manage your risk, and only trade with a plan.
Limit risk to 1–2% of your capital per day.
On the 4H timeframe, we’re currently forming a head and shoulders pattern (now 2/3 complete), and price action is also shaping a bearish flag, suggesting a possible continuation to the downside.
We’re heading into heavy economic news starting tomorrow morning, along with the beginning of earnings season for major assets — all of which could trigger sharp volatility in gold.
Key levels to watch:
• A break above the swing high at 3345 would suggest a bullish continuation.
• A break below the swing low at 3308 would confirm a bearish move.
• The resistance level at 3365 is a key zone to monitor — this is where I expect the right shoulder of the head and shoulders pattern to complete.
Importantly, the 50 SMA is currently traveling in line with this 3365 resistance, adding extra confluence. A break above 3365 would not only take out a strong historical level but also break above the 50 SMA, signaling potential strength to the upside. On the flip side, a rejection from this area would serve as a double rejection — from both resistance and the 50 SMA — reinforcing the bearish case.
For now, it’s a tug of war between buyers and sellers, and with the upcoming data releases, momentum could shift fast.
⚠️ As always, wait for confirmed setups, manage your risk, and only trade with a plan.
Limit risk to 1–2% of your capital per day.
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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.
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.