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On Wednesday, gold held above the key support area at 3343–3337, and subsequently broke through the 3372–3378 resistance zone, leading to a strong bullish move and solid long-side gains.
Today, attention should shift to the major resistance around 3400. If bullish momentum continues, price may approach the secondary resistance near 3420. However, from a technical perspective, signs of bearish divergence have begun to emerge. Should price continue rising while momentum weakens, the risk of a short-term correction increases accordingly.
Key levels to monitor:
Primary resistance zone: 3404–3416
Intermediate supply area: around 3398
Crucial support zone: 3372–3363 (a hold here could support further upside)
⚠️ Cautionary Note:
The US PMI data release during the New York session could introduce volatility. Be sure to maintain strict risk management and stop-loss discipline during periods of increased uncertainty.
🔁 Trading Bias for Today:
Prefer selling into strength near resistance, while cautiously considering buying on dips near support.
The 3343–3337 area continues to serve as the primary support zone, and price action around this level will be critical in determining the next directional move
On Wednesday, gold held above the key support area at 3343–3337, and subsequently broke through the 3372–3378 resistance zone, leading to a strong bullish move and solid long-side gains.
Today, attention should shift to the major resistance around 3400. If bullish momentum continues, price may approach the secondary resistance near 3420. However, from a technical perspective, signs of bearish divergence have begun to emerge. Should price continue rising while momentum weakens, the risk of a short-term correction increases accordingly.
Key levels to monitor:
Primary resistance zone: 3404–3416
Intermediate supply area: around 3398
Crucial support zone: 3372–3363 (a hold here could support further upside)
⚠️ Cautionary Note:
The US PMI data release during the New York session could introduce volatility. Be sure to maintain strict risk management and stop-loss discipline during periods of increased uncertainty.
🔁 Trading Bias for Today:
Prefer selling into strength near resistance, while cautiously considering buying on dips near support.
The 3343–3337 area continues to serve as the primary support zone, and price action around this level will be critical in determining the next directional move
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Disclaimer
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I’ve created a channel where I’ll be posting market analysis and trading signals.
Feel free to join—it makes it easier to follow updates, and you can also contact me directly if you have any questions.
t.me/+h6RM5RdP6X9hNmI8
Feel free to join—it makes it easier to follow updates, and you can also contact me directly if you have any questions.
t.me/+h6RM5RdP6X9hNmI8
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.