Hello traders, what’s your view on XAUUSD?
Yesterday, gold remained under pressure as a series of fresh U.S. economic data reinforced expectations that the Federal Reserve will keep interest rates higher for longer. As a result, U.S. Treasury yields surged, the dollar strengthened, and gold came under renewed selling pressure. Currently, XAUUSD is trading around 3,288 USD, down 0.04% on the day.
From a technical standpoint, gold is clearly trading within a well-defined downward-sloping channel, confirming the dominance of bearish momentum. Moreover, both the EMA34 and EMA89 are acting as dynamic resistance levels, repeatedly rejecting any short-term recovery attempts—highlighting the strength of the current downtrend.
If a pullback occurs before the next leg lower, the confluence of resistance and the EMA zone will be crucial to watch. It could offer ideal conditions for potential short setups in line with the trend.
Looking ahead, the next key support lies at 3,270 USD. A break below this level could open the door for a deeper move toward the 32XX area.
What do you think? Will gold continue to drop further?
Good luck and trade safe!
Yesterday, gold remained under pressure as a series of fresh U.S. economic data reinforced expectations that the Federal Reserve will keep interest rates higher for longer. As a result, U.S. Treasury yields surged, the dollar strengthened, and gold came under renewed selling pressure. Currently, XAUUSD is trading around 3,288 USD, down 0.04% on the day.
From a technical standpoint, gold is clearly trading within a well-defined downward-sloping channel, confirming the dominance of bearish momentum. Moreover, both the EMA34 and EMA89 are acting as dynamic resistance levels, repeatedly rejecting any short-term recovery attempts—highlighting the strength of the current downtrend.
If a pullback occurs before the next leg lower, the confluence of resistance and the EMA zone will be crucial to watch. It could offer ideal conditions for potential short setups in line with the trend.
Looking ahead, the next key support lies at 3,270 USD. A break below this level could open the door for a deeper move toward the 32XX area.
What do you think? Will gold continue to drop further?
Good luck and trade safe!
Trade active
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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.