Gold is currently trading around $3,338, sitting just below the $3,344 resistance level. Price remains under both the 50MA (pink) and the 200MA (green), which continue to act as dynamic resistance and keep the short-term structure bearish.
The recent bounce from the First Support Zone ($3,324–$3,344) shows buyers are still defending this area, but momentum is weak. A clean break and hold above $3,344 would open the path toward $3,364, with $3,386 as the next resistance.
If price fails to reclaim $3,344, then a retest of the First Support Zone is likely. A deeper break could expose the Secondary Support Zone ($3,304–$3,281), and if selling pressure accelerates, the HTF Support Zone ($3,254–$3,229) comes into play.
📌 Key Levels to Watch:
Resistance:
‣ $3,344
‣ $3,364
‣ $3,386
‣ $3,406
Support:
‣ $3,324
‣ $3,304
‣ $3,281
‣ $3,254
‣ $3,229
⚠️ For now, structure favors range-bound to bearish price action unless gold can reclaim $3,344 and hold above the 50MA.
📌 Fundamental Overview
This week is event-heavy with multiple Fed speakers, Wednesday’s FOMC Minutes, and Thursday’s U.S. jobless claims & PMI data all set to drive volatility. The spotlight will be on Friday’s Jackson Hole Symposium, where Powell’s speech could shape expectations for upcoming rate cuts.
On the geopolitical side, Trump’s push for a Russia–Ukraine peace deal has raised uncertainty, with reports of territorial concessions being discussed. While no breakthrough has been reached, the headlines add to safe-haven demand for gold.
The recent bounce from the First Support Zone ($3,324–$3,344) shows buyers are still defending this area, but momentum is weak. A clean break and hold above $3,344 would open the path toward $3,364, with $3,386 as the next resistance.
If price fails to reclaim $3,344, then a retest of the First Support Zone is likely. A deeper break could expose the Secondary Support Zone ($3,304–$3,281), and if selling pressure accelerates, the HTF Support Zone ($3,254–$3,229) comes into play.
📌 Key Levels to Watch:
Resistance:
‣ $3,344
‣ $3,364
‣ $3,386
‣ $3,406
Support:
‣ $3,324
‣ $3,304
‣ $3,281
‣ $3,254
‣ $3,229
⚠️ For now, structure favors range-bound to bearish price action unless gold can reclaim $3,344 and hold above the 50MA.
📌 Fundamental Overview
This week is event-heavy with multiple Fed speakers, Wednesday’s FOMC Minutes, and Thursday’s U.S. jobless claims & PMI data all set to drive volatility. The spotlight will be on Friday’s Jackson Hole Symposium, where Powell’s speech could shape expectations for upcoming rate cuts.
On the geopolitical side, Trump’s push for a Russia–Ukraine peace deal has raised uncertainty, with reports of territorial concessions being discussed. While no breakthrough has been reached, the headlines add to safe-haven demand for gold.
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.
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.