Gold (XAUUSD) has just broken below its rising H4 trendline and the key support zone around 3,340 – a strong signal for a potential short-term downtrend. A sharp bearish candle with high volume confirms sellers are now in control.
The 3,360–3,365 zone has flipped into resistance and may act as a retest area before further declines.
If price fails to hold 3,320,
the next targets are 3,300–3,280,
possibly down to 3,260.
Volume Profile indicates money is leaving the upper range, reducing the chance of a strong rebound.
Preferred strategy: wait for a pullback to 3,355–3,365,
set SL above 3,370,
and aim for TP at 3,300–3,280.
Caution: the Fed’s “higher for longer” stance and USD strength are applying pressure on gold. Long positions are risky at this stage. Monitor the 3,300 level closely for potential buyer reaction.
The 3,360–3,365 zone has flipped into resistance and may act as a retest area before further declines.
If price fails to hold 3,320,
the next targets are 3,300–3,280,
possibly down to 3,260.
Volume Profile indicates money is leaving the upper range, reducing the chance of a strong rebound.
Preferred strategy: wait for a pullback to 3,355–3,365,
set SL above 3,370,
and aim for TP at 3,300–3,280.
Caution: the Fed’s “higher for longer” stance and USD strength are applying pressure on gold. Long positions are risky at this stage. Monitor the 3,300 level closely for potential buyer reaction.
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Join the community group to get support and share knowledge!
️🥇 Exchange and learn market knowledge
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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.