Gold is currently trading near $3,332, showing a minor recovery after recent downward momentum. The price action on the 1-hour chart highlights a short-term ascending structure, which often acts as a corrective move rather than a strong bullish trend. The market previously saw significant selling pressure from above $3,355–$3,360, creating a short-term supply zone. Unless the price breaks and holds above this zone, the overall momentum remains bearish.
The chart also shows a projected price path where gold could push slightly higher toward $3,355, meet resistance, and potentially reverse downward again. Key support lies at $3,320, and if this breaks, we could see gold testing $3,290–$3,280 levels, aligning with the black trend line support. However, if bulls manage to break above $3,360, it would signal potential upside continuation toward $3,380–$3,400.
Key Points
- Key Resistance Levels: $3,355 and $3,360 (critical supply zone).
- Key Support Levels: $3,320 (short-term), followed by $3,290–$3,280 (major trendline support).
- Expected Short-Term Move: Possible push toward $3,355 → rejection → decline back toward $3,320 and possibly $3,290.
Bullish Breakout Scenario: A strong close above $3,360 could push price toward $3,380–$3,400.
Overall Bias: Bearish while trading below $3,360.
4hr Chart
Price remains under pressure below the descending trendline. A small pullback toward $3,345–$3,350 is possible, but as long as price stays under this resistance, the bias remains bearish with potential downside targets around $3,300–$3,280.
Key Levels:
- Resistance: $3,350 → $3,381 → $3,394
- Support: $3,324 → $3,281 → $3,254
Today’s FOMC interest rate decision is a key driver for Gold. Here’s the quick analysis:
- If Fed Hikes Rates or Maintains Hawkish Tone:
- Strong USD likely → Gold could face more selling pressure.
- Key support zones: $3,324 – $3,300, then $3,281 and $3,254.
- If Fed Pauses or Turns Dovish:
- Dollar weakens → Gold may bounce toward resistance zones.
- Upside levels: $3,355 – $3,360 and higher toward $3,381 – $3,394 (Fib levels).
Expect high volatility; $3,300 is a critical support to watch. A dovish Fed may give Gold short-term relief, but a hawkish stance could accelerate the downtrend.
Note
Please risk management in trading is a Key so use your money accordingly. If you like the idea then please like and boost. Thank you and Good Luck!
The chart also shows a projected price path where gold could push slightly higher toward $3,355, meet resistance, and potentially reverse downward again. Key support lies at $3,320, and if this breaks, we could see gold testing $3,290–$3,280 levels, aligning with the black trend line support. However, if bulls manage to break above $3,360, it would signal potential upside continuation toward $3,380–$3,400.
Key Points
- Key Resistance Levels: $3,355 and $3,360 (critical supply zone).
- Key Support Levels: $3,320 (short-term), followed by $3,290–$3,280 (major trendline support).
- Expected Short-Term Move: Possible push toward $3,355 → rejection → decline back toward $3,320 and possibly $3,290.
Bullish Breakout Scenario: A strong close above $3,360 could push price toward $3,380–$3,400.
Overall Bias: Bearish while trading below $3,360.
4hr Chart
Price remains under pressure below the descending trendline. A small pullback toward $3,345–$3,350 is possible, but as long as price stays under this resistance, the bias remains bearish with potential downside targets around $3,300–$3,280.
Key Levels:
- Resistance: $3,350 → $3,381 → $3,394
- Support: $3,324 → $3,281 → $3,254
Today’s FOMC interest rate decision is a key driver for Gold. Here’s the quick analysis:
- If Fed Hikes Rates or Maintains Hawkish Tone:
- Strong USD likely → Gold could face more selling pressure.
- Key support zones: $3,324 – $3,300, then $3,281 and $3,254.
- If Fed Pauses or Turns Dovish:
- Dollar weakens → Gold may bounce toward resistance zones.
- Upside levels: $3,355 – $3,360 and higher toward $3,381 – $3,394 (Fib levels).
Expect high volatility; $3,300 is a critical support to watch. A dovish Fed may give Gold short-term relief, but a hawkish stance could accelerate the downtrend.
Note
Please risk management in trading is a Key so use your money accordingly. If you like the idea then please like and boost. Thank you and Good Luck!
Trade active
Gold is rejected multiple times from 3333-3335 and now has broken its main support of 3324. - Key Support Levels: $3,303 (short-term), followed by $3,290–$3,280 (major trendline support).
- Expected Short-Term Move: Possible push toward $3,355 → rejection → decline back toward $3,320 and possibly $3,290.
Note
Trade closed: target reached
Target achieved successfully$45=450 Pips Booked
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.