Trend Structure: Gold remains in a short-term bullish structure, with a clear series of higher highs and higher lows. However, price action shows signs of hesitation near a critical Fibonacci extension zone.
Key Resistance Zone:
$3,428 – $3,438: This area aligns with the 0.618 Fibonacci extension at 3,428.59 and the 0.0 level at 3,438.56, forming a confluence resistance zone that has started to trigger selling pressure.
Immediate Support Levels:
$3,422.62: The 1.0 Fibonacci extension, serving as the first support on a minor pullback.
$3,408 – $3,410: A potential bounce zone combining short-term trendline support and prior consolidation structure.
Fibonacci & Price Waves: The recent bullish leg from $3,330 to $3,438 has completed a 3.618 extension (noted at $3,330.91 on the purple projection). This increases the probability of a corrective retracement.
EMA & RSI (suggested for confirmation): EMA20 (not shown) should act as a dynamic support. Watch RSI for potential overbought signals or bearish divergence if it crosses above 70.
Trade Setups to Watch: Scenario 1 – Short Setup at Fibonacci Resistance Entry: $3,428 – $3,432, only if price action confirms rejection (e.g., bearish engulfing, pin bar)
Stop Loss: Above $3,438
Take Profit 1: $3,422
Take Profit 2: $3,410 (if trendline breaks)
Scenario 2 – Buy Setup on Pullback Entry: Around $3,408 – $3,410 upon bullish price action confirmation
Stop Loss: Below $3,400
Target: $3,428
Final Thoughts: Gold is approaching a strong resistance zone, and short-term pullback is likely unless bulls break through $3,438 with momentum. Traders should stay patient and wait for confirmation signals before entering. Remember: discipline beats impulse.
Follow for more updated strategies during the US session. Save this idea if you find it helpful! Let’s discuss your view in the comments below.
Key Resistance Zone:
$3,428 – $3,438: This area aligns with the 0.618 Fibonacci extension at 3,428.59 and the 0.0 level at 3,438.56, forming a confluence resistance zone that has started to trigger selling pressure.
Immediate Support Levels:
$3,422.62: The 1.0 Fibonacci extension, serving as the first support on a minor pullback.
$3,408 – $3,410: A potential bounce zone combining short-term trendline support and prior consolidation structure.
Fibonacci & Price Waves: The recent bullish leg from $3,330 to $3,438 has completed a 3.618 extension (noted at $3,330.91 on the purple projection). This increases the probability of a corrective retracement.
EMA & RSI (suggested for confirmation): EMA20 (not shown) should act as a dynamic support. Watch RSI for potential overbought signals or bearish divergence if it crosses above 70.
Trade Setups to Watch: Scenario 1 – Short Setup at Fibonacci Resistance Entry: $3,428 – $3,432, only if price action confirms rejection (e.g., bearish engulfing, pin bar)
Stop Loss: Above $3,438
Take Profit 1: $3,422
Take Profit 2: $3,410 (if trendline breaks)
Scenario 2 – Buy Setup on Pullback Entry: Around $3,408 – $3,410 upon bullish price action confirmation
Stop Loss: Below $3,400
Target: $3,428
Final Thoughts: Gold is approaching a strong resistance zone, and short-term pullback is likely unless bulls break through $3,438 with momentum. Traders should stay patient and wait for confirmation signals before entering. Remember: discipline beats impulse.
Follow for more updated strategies during the US session. Save this idea if you find it helpful! Let’s discuss your view in the comments below.
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