Hello traders, today let’s take a look at the XAUUSD chart following the latest news and clear technical signals.
On the H4 timeframe, price is moving within a descending wedge pattern, with multiple rejections at the trendline resistance (red arrows). The 3,346 – 3,373 USD area is acting as the main resistance, while the nearest support is around 3,310 USD. The current market structure leans bearish, with lower highs forming and buying momentum fading.
From a news perspective, Core Retail Sales m/m came in at 0.3% (below the 0.5% forecast), indicating weaker consumer spending. However, UoM Consumer Sentiment rose to 61.9 and inflation expectations surged to 4.5%, leading the market to believe the Fed will keep interest rates higher for longer — strengthening the USD and putting pressure on gold.
If price continues to be rejected around 3,346 – 3,373 USD, XAUUSD is likely to break below 3,310 USD and move toward the deeper support area near 3,285 USD.
A suggested strategy is to prioritize SELL setups if price retests 3,346 – 3,373 USD with strong rejection signals, place stop-loss above 3,380 USD, and target profits around 3,310 and 3,285 USD.
Do you think gold will break 3,310 USD in this move, or will it make one more pullback before heading lower?
On the H4 timeframe, price is moving within a descending wedge pattern, with multiple rejections at the trendline resistance (red arrows). The 3,346 – 3,373 USD area is acting as the main resistance, while the nearest support is around 3,310 USD. The current market structure leans bearish, with lower highs forming and buying momentum fading.
From a news perspective, Core Retail Sales m/m came in at 0.3% (below the 0.5% forecast), indicating weaker consumer spending. However, UoM Consumer Sentiment rose to 61.9 and inflation expectations surged to 4.5%, leading the market to believe the Fed will keep interest rates higher for longer — strengthening the USD and putting pressure on gold.
If price continues to be rejected around 3,346 – 3,373 USD, XAUUSD is likely to break below 3,310 USD and move toward the deeper support area near 3,285 USD.
A suggested strategy is to prioritize SELL setups if price retests 3,346 – 3,373 USD with strong rejection signals, place stop-loss above 3,380 USD, and target profits around 3,310 and 3,285 USD.
Do you think gold will break 3,310 USD in this move, or will it make one more pullback before heading lower?
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📍 Accurate, verified technical analysis
⚡ Fast updates – Never miss a golden entry
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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.
Top trading opportunities are waiting for you! : t.me/+TaRRH29IRysyNGJl
🔥 High-quality signals – Win rate up to 85%
📍 Accurate, verified technical analysis
⚡ Fast updates – Never miss a golden entry
🔥 High-quality signals – Win rate up to 85%
📍 Accurate, verified technical analysis
⚡ Fast updates – Never miss a golden entry
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.