XAUUSD – Bearish Crab Signals a Potential Pullback
Today’s macro backdrop is weighing on gold as the USD recovers and bond yields edge higher, reducing expectations of an imminent Fed rate cut. This has cooled safe-haven demand and opened the door for profit-taking after the strong rally.
On the H4 chart, price has completed a Bearish Crab pattern at key extension levels, with reversal signals emerging near the 3,550 peak. This suggests the market may be entering a short-term corrective phase.
Key levels to watch:
Near-term resistance: 3,540–3,555
Target support 1: 3,475–3,450
Target support 2: 3,350–3,330
Deeper support: 3,290–3,270
The short-term bias has shifted toward the downside. Any technical pullback is likely to offer opportunities for sellers to rejoin.
Where do you think gold will find its next support in this correction?
Today’s macro backdrop is weighing on gold as the USD recovers and bond yields edge higher, reducing expectations of an imminent Fed rate cut. This has cooled safe-haven demand and opened the door for profit-taking after the strong rally.
On the H4 chart, price has completed a Bearish Crab pattern at key extension levels, with reversal signals emerging near the 3,550 peak. This suggests the market may be entering a short-term corrective phase.
Key levels to watch:
Near-term resistance: 3,540–3,555
Target support 1: 3,475–3,450
Target support 2: 3,350–3,330
Deeper support: 3,290–3,270
The short-term bias has shifted toward the downside. Any technical pullback is likely to offer opportunities for sellers to rejoin.
Where do you think gold will find its next support in this correction?
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Note
Gold corrected from the record-high it set near $3,580 but found support before testing $3,500. After staging a rebound toward $3,560, however, XAU/USD lost its traction and declined below $3,550 as the better-than-expected ISM Services PMI data helped the US Dollar gather strength.
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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.