Gold starts the week with a weak bounce attempt after a strong bearish momentum on Friday, which pushed the market below the key 3254 support. The downtrend structure remains valid with a clear pattern of lower highs and lower lows on the 4H chart.
At the moment, price is trapped inside the 3254–3295 range. Despite the strong bearish pressure, we have yet to see a meaningful correction after the sharp drop on June 28th. This opens the door for a potential intraday pullback to test minor supply and moving average resistance near 3291–3297.
However, today is monthly candle close, which means increased volatility and possible false breakouts—especially during US sessions. Traders should be cautious with breakout traps, especially around 3305–3310, where stop hunting might occur.
The bigger picture still favors the bears unless gold manages to break and hold above the descending trendline and the EMA cluster.
📌 Trade Setup (Short Bias – Intraday Correction)
SELL zone: 3291 – 3297
SL: 3303 (Above supply & EMA test zone)
TP1: 3278
TP2: 3255
TP3: 3215
This is not a high-conviction swing setup but a tactical short based on potential rejection from previous supply and dynamic resistance. Small lot size is recommended due to the wider stop-loss and low R/R reward unless high volatility plays in our favor.
📊 Key Intraday Levels
R3: 3342
R2: 3322
R1: 3295
Pivot: 3254
S1: 3214
S2: 3180
S3: 3123
At the moment, price is trapped inside the 3254–3295 range. Despite the strong bearish pressure, we have yet to see a meaningful correction after the sharp drop on June 28th. This opens the door for a potential intraday pullback to test minor supply and moving average resistance near 3291–3297.
However, today is monthly candle close, which means increased volatility and possible false breakouts—especially during US sessions. Traders should be cautious with breakout traps, especially around 3305–3310, where stop hunting might occur.
The bigger picture still favors the bears unless gold manages to break and hold above the descending trendline and the EMA cluster.
📌 Trade Setup (Short Bias – Intraday Correction)
SELL zone: 3291 – 3297
SL: 3303 (Above supply & EMA test zone)
TP1: 3278
TP2: 3255
TP3: 3215
This is not a high-conviction swing setup but a tactical short based on potential rejection from previous supply and dynamic resistance. Small lot size is recommended due to the wider stop-loss and low R/R reward unless high volatility plays in our favor.
📊 Key Intraday Levels
R3: 3342
R2: 3322
R1: 3295
Pivot: 3254
S1: 3214
S2: 3180
S3: 3123
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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.