🔘Gold Faces Strong Resistance at 3300 – Is a Reversal on the Horizon or a Deeper Correction? ⭐️
Gold has recently faced a significant price correction after bouncing off key resistance levels. As geopolitical events settle and economic data comes in, the market is now testing crucial support levels. Today’s session could provide important insights into whether gold will maintain its bullish momentum or continue to correct further.
🔹Market Overview – USD Rebounds, Creating Short-Term Pressure on Gold
The US dollar has seen a strong rebound following positive developments in the global trade talks. Several key agreements between major nations, including the US, have been signed, which seem to support the USD in the short term. This has put downward pressure on gold, as traders shift their focus towards a stronger dollar and risk appetite returning to the market.
🔹US inflation data has come in lower than expected, creating room for the Fed to hold off on rate hikes, which helps the dollar further.
🔹FOMC meeting minutes later this week could reveal insights into the Fed's stance on interest rates, which could be key for market direction.
🔹Geopolitical tensions are cooling off slightly, which has reduced demand for safe-haven assets like gold.
🔹Technical Analysis – Gold in a Range-Bound Market, Testing Key Levels
On the H1 chart, gold is forming a clear downward channel between 3360 and 3290, suggesting that the price could continue its correction within this range. If the price stays within this zone, we might see a deeper pullback toward the 3250 region.
However, as always, waiting for confirmation signals before entering any trades is crucial. The false breakout risk is high when the price moves quickly and without clear confirmation from higher timeframes.
🔹Buy Bias in the Short-TermGiven the current technical structure, a buy bias seems more likely than further selling. The market may test 3320-3325 in the near term, with the potential to bounce back if the buying momentum continues to build. Additionally, the rejection wick on the D1 candle from yesterday suggests that sellers are losing control, and we may see more buying pressure in the coming sessions.
🔹Resistance and Support Levels to Watch:
🔺Key Resistance Levels: 3302 – 3310 – 3324 – 3335 – 3361
🔻Key Support Levels: 3275 – 3259 – 3248
⬜️Trading Strategy – Buy and Sell Zones
🔺BUY ZONE:3250 – 3248
🔹Stop Loss: 3244
✔️Take Profit: 3254 → 3258 → 3262 → 3266 → 3270 → 3280 → ????
🔺SELL SCALP: 3303 – 3305
🔹Stop Loss: 3310
✔️Take Profit: 3298 → 3294 → 3290 → 3286 → 3280 → 3270 → 3260
🔺SELL ZONE:3334 – 3336
🔹Stop Loss: 3340
✔️Take Profit: 3330 → 3326 → 3320 → 3315 → 3310 → 3305 → 3300 → ????
🕖Important Notes for Today: FOMC and Trade Policy Updates
With FOMC minutes and other important trade policy updates expected today, it’s crucial to stay alert for any sudden changes in market sentiment. Always ensure that you are adhering to your TP/SL levels to safeguard your account.
Gold has recently faced a significant price correction after bouncing off key resistance levels. As geopolitical events settle and economic data comes in, the market is now testing crucial support levels. Today’s session could provide important insights into whether gold will maintain its bullish momentum or continue to correct further.
🔹Market Overview – USD Rebounds, Creating Short-Term Pressure on Gold
The US dollar has seen a strong rebound following positive developments in the global trade talks. Several key agreements between major nations, including the US, have been signed, which seem to support the USD in the short term. This has put downward pressure on gold, as traders shift their focus towards a stronger dollar and risk appetite returning to the market.
🔹US inflation data has come in lower than expected, creating room for the Fed to hold off on rate hikes, which helps the dollar further.
🔹FOMC meeting minutes later this week could reveal insights into the Fed's stance on interest rates, which could be key for market direction.
🔹Geopolitical tensions are cooling off slightly, which has reduced demand for safe-haven assets like gold.
🔹Technical Analysis – Gold in a Range-Bound Market, Testing Key Levels
On the H1 chart, gold is forming a clear downward channel between 3360 and 3290, suggesting that the price could continue its correction within this range. If the price stays within this zone, we might see a deeper pullback toward the 3250 region.
However, as always, waiting for confirmation signals before entering any trades is crucial. The false breakout risk is high when the price moves quickly and without clear confirmation from higher timeframes.
🔹Buy Bias in the Short-TermGiven the current technical structure, a buy bias seems more likely than further selling. The market may test 3320-3325 in the near term, with the potential to bounce back if the buying momentum continues to build. Additionally, the rejection wick on the D1 candle from yesterday suggests that sellers are losing control, and we may see more buying pressure in the coming sessions.
🔹Resistance and Support Levels to Watch:
🔺Key Resistance Levels: 3302 – 3310 – 3324 – 3335 – 3361
🔻Key Support Levels: 3275 – 3259 – 3248
⬜️Trading Strategy – Buy and Sell Zones
🔺BUY ZONE:3250 – 3248
🔹Stop Loss: 3244
✔️Take Profit: 3254 → 3258 → 3262 → 3266 → 3270 → 3280 → ????
🔺SELL SCALP: 3303 – 3305
🔹Stop Loss: 3310
✔️Take Profit: 3298 → 3294 → 3290 → 3286 → 3280 → 3270 → 3260
🔺SELL ZONE:3334 – 3336
🔹Stop Loss: 3340
✔️Take Profit: 3330 → 3326 → 3320 → 3315 → 3310 → 3305 → 3300 → ????
🕖Important Notes for Today: FOMC and Trade Policy Updates
With FOMC minutes and other important trade policy updates expected today, it’s crucial to stay alert for any sudden changes in market sentiment. Always ensure that you are adhering to your TP/SL levels to safeguard your account.
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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.
⚜️ Trade with Money Market Flow, logic, Price action 📉📈
⚜️Risk Reward 1.3 to 2.5...
⚜️Daily 8 to 15 Signals VIP
Get quality daily trading signals and plans here
JOIN NOW
byvn.net/t06K
⚜️Risk Reward 1.3 to 2.5...
⚜️Daily 8 to 15 Signals VIP
Get quality daily trading signals and plans here
JOIN NOW
byvn.net/t06K
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.