Weekly Analysis for Goldie (May 26–30)
From last week's analysis, we’re still on track and the move was fueled by news as expected. (just following Technical levels)
Gold broke the trendline clean and retested it, with structure still holding bullish. Price rejected around 3365, which aligns with the 4H fib (23%) and a minor supply zone. volume faded on Friday due to the early US close and the long weekend.
Powell’s speech is set for early Monday before the market opens. If he leans dovish or hints at rate cuts, gold could break above 3371 and push toward 3430 or even 3498. But if he stays hawkish, we might get another rejection at 3365 and a pullback to 3330 or even 3292 though the bullish bias remains intact unless 3244 breaks.
On the macro side, US/EU tariffs kicking in June 1 ongoing (but still unresolved) Iran talks, Trumps new tax bill adding more debt, and the Moody’s downgrade of the US credit outlook all lean toward further upside for gold. COT data also shows instiution still holding strong net long positions in gold.
⭐️ Expect low NY session volume on monday due to the US holiday. Key zones to watch 3371 for breakout continuation, 3330 and 3292 for pullback buys, and 3365 for short-term scalp rejections. Overall bias remains bullish with strong structure and macro confluence.
From last week's analysis, we’re still on track and the move was fueled by news as expected. (just following Technical levels)
Gold broke the trendline clean and retested it, with structure still holding bullish. Price rejected around 3365, which aligns with the 4H fib (23%) and a minor supply zone. volume faded on Friday due to the early US close and the long weekend.
Powell’s speech is set for early Monday before the market opens. If he leans dovish or hints at rate cuts, gold could break above 3371 and push toward 3430 or even 3498. But if he stays hawkish, we might get another rejection at 3365 and a pullback to 3330 or even 3292 though the bullish bias remains intact unless 3244 breaks.
On the macro side, US/EU tariffs kicking in June 1 ongoing (but still unresolved) Iran talks, Trumps new tax bill adding more debt, and the Moody’s downgrade of the US credit outlook all lean toward further upside for gold. COT data also shows instiution still holding strong net long positions in gold.
⭐️ Expect low NY session volume on monday due to the US holiday. Key zones to watch 3371 for breakout continuation, 3330 and 3292 for pullback buys, and 3365 for short-term scalp rejections. Overall bias remains bullish with strong structure and macro confluence.
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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.