GOLD Outlook – Bearish Below 3365, CPI in Focus
Gold is showing bearish momentum while trading below 3365, with a likely move toward 3342.
However, if the price closes a 1H or 4H candle above 3365, it may shift to a bullish trend targeting 3395.
CPI data will be the key factor in determining the next move.
The market expects a print of 2.6%, which would signal no Fed rate cuts this year due to rising tariff pressures.
That said, we expect a 2.7% release, which would likely support a bearish trend for gold.
But if the release is less than 2.6% that will support the bullish trend.
Pivot Line: 3365
Support: 3342 – 3320
Resistance: 3375 – 3395
Gold is showing bearish momentum while trading below 3365, with a likely move toward 3342.
However, if the price closes a 1H or 4H candle above 3365, it may shift to a bullish trend targeting 3395.
CPI data will be the key factor in determining the next move.
The market expects a print of 2.6%, which would signal no Fed rate cuts this year due to rising tariff pressures.
That said, we expect a 2.7% release, which would likely support a bearish trend for gold.
But if the release is less than 2.6% that will support the bullish trend.
Pivot Line: 3365
Support: 3342 – 3320
Resistance: 3375 – 3395
Trade active
GOLD – Market OverviewGold prices edged up to around $3,342 per ounce on Wednesday, recovering slightly after a two-day decline, as traders evaluated a rise in U.S. inflation and ongoing trade tensions.
📊 Fundamental Outlook:
• June CPI rose at the fastest pace in five months, suggesting that tariffs may be contributing to inflationary pressures.
• While President Trump continues to push for rate cuts, Fed officials remain cautious, citing persistent inflation risks.
• Traders now turn their focus to the upcoming PPI report for further insight into price trends and Fed policy direction.
🔧 Technical Outlook:
Gold remains in a bearish structure as long as it trades below 3,342.
🔻 Bearish Scenario:
• As long as price stays below 3,342, we expect continuation toward 3,320, with further targets at 3,312 and 3,297.
🔺 Bullish Scenario:
• A 1H candle close above 3,342 could shift momentum bullishly toward 3,365, with extended targets at 3,375.
Pivot Level: 3,342
Support Levels: 3,332 – 3,320 – 3,297
Resistance Levels: 3,354 – 3,365 – 3,375
Trade closed: target reached
Full Target reached, about $55 droppedThe price dropped from 3365 to our last support located at 3320 - 3312
Technical analyst focused on gold, indices, and forex.
Providing regular updates with structure, entry/exit clarity, and real-time outlooks.
More at: sroshmayi.com/
Providing regular updates with structure, entry/exit clarity, and real-time outlooks.
More at: sroshmayi.com/
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.
Technical analyst focused on gold, indices, and forex.
Providing regular updates with structure, entry/exit clarity, and real-time outlooks.
More at: sroshmayi.com/
Providing regular updates with structure, entry/exit clarity, and real-time outlooks.
More at: sroshmayi.com/
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.