📊 Market Overview:
Gold fell to a low of $3,374 earlier today after testing the $3,434 resistance late last week. The drop was primarily due to profit-taking near recent highs, alongside a mild recovery in the US dollar. Despite this pullback, the medium-term uptrend remains supported by expectations of upcoming Fed rate cuts and persistent geopolitical tensions in the Middle East.
📉 Technical Analysis:
• Key Resistance: $3,434 – $3,450
• Nearest Support: $3,374 – $3.360
• EMA: Price remains above both EMA 09 and EMA 20, suggesting a continuation of the short-term bullish trend.
• Candlestick / Volume / Momentum:
o RSI is holding around 61–63, no longer in overbought territory.
o MACD remains positive, though upward momentum has slowed.
o Bearish candles during the Asian session suggest lingering sell pressure near $3,430. A technical rebound from $3,374 is currently underway.
📌 Outlook:
Gold may consolidate between $3,370–$3,390 in the near term. If the $3,360 support holds, a rebound toward $3,420–$3,440 is likely. However, a stronger USD could increase downside pressure.
💡 Suggested Trade Strategy:
🔻 SELL XAU/USD at: $3,410 – $3,420
🎯 TP: $3,385
❌ SL: $3,430
🔺 BUY XAU/USD at: $3,374 – $3,378
🎯 TP: $3,400 – $3,420
❌ SL: $3,360
Gold fell to a low of $3,374 earlier today after testing the $3,434 resistance late last week. The drop was primarily due to profit-taking near recent highs, alongside a mild recovery in the US dollar. Despite this pullback, the medium-term uptrend remains supported by expectations of upcoming Fed rate cuts and persistent geopolitical tensions in the Middle East.
📉 Technical Analysis:
• Key Resistance: $3,434 – $3,450
• Nearest Support: $3,374 – $3.360
• EMA: Price remains above both EMA 09 and EMA 20, suggesting a continuation of the short-term bullish trend.
• Candlestick / Volume / Momentum:
o RSI is holding around 61–63, no longer in overbought territory.
o MACD remains positive, though upward momentum has slowed.
o Bearish candles during the Asian session suggest lingering sell pressure near $3,430. A technical rebound from $3,374 is currently underway.
📌 Outlook:
Gold may consolidate between $3,370–$3,390 in the near term. If the $3,360 support holds, a rebound toward $3,420–$3,440 is likely. However, a stronger USD could increase downside pressure.
💡 Suggested Trade Strategy:
🔻 SELL XAU/USD at: $3,410 – $3,420
🎯 TP: $3,385
❌ SL: $3,430
🔺 BUY XAU/USD at: $3,374 – $3,378
🎯 TP: $3,400 – $3,420
❌ SL: $3,360
Trade active
Spot gold has just dropped to 3366.8 USD/ounce, losing nearly 9 USD compared to the previous session, as the US dollar rebounds and risk sentiment rises among investors.
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📈 Daily Buy/Sell signals for investors
💡 Technical breakdowns & market outlooks
🔗 Join our free group: t.me/+DmS-dVFJMm40MDM9
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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.
📊 Forex | Gold | Crypto Market Insights & Signals
📰 Real-time news updates & expert analysis
📈 Daily Buy/Sell signals for investors
💡 Technical breakdowns & market outlooks
🔗 Join our free group: t.me/+DmS-dVFJMm40MDM9
📰 Real-time news updates & expert analysis
📈 Daily Buy/Sell signals for investors
💡 Technical breakdowns & market outlooks
🔗 Join our free group: t.me/+DmS-dVFJMm40MDM9
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.