Gold continues to trade within a clearly defined descending channel, forming lower highs and leaving several Fair Value Gaps unfilled. After rebounding from the 3,238 USD support, price is now approaching key resistance near 3,297 USD — aligning with the main descending trendline.
If price fails to break above this resistance, a drop back toward the 3,238 USD support is likely, with a deeper target around 3,200 USD at the lower boundary of the channel.
Fundamentals currently support the bearish bias: improving US–China trade relations and rare earth agreements have triggered “risk-on” sentiment, pulling capital away from gold. Meanwhile, strong USD momentum is driven by robust Core PCE data and the Fed’s hawkish stance, showing no rush to cut rates.
Strategy outlook: Watch for price reaction at 3,297 USD. If bearish rejection occurs, short setups toward 3,238 USD and below could be considered.
If price fails to break above this resistance, a drop back toward the 3,238 USD support is likely, with a deeper target around 3,200 USD at the lower boundary of the channel.
Fundamentals currently support the bearish bias: improving US–China trade relations and rare earth agreements have triggered “risk-on” sentiment, pulling capital away from gold. Meanwhile, strong USD momentum is driven by robust Core PCE data and the Fed’s hawkish stance, showing no rush to cut rates.
Strategy outlook: Watch for price reaction at 3,297 USD. If bearish rejection occurs, short setups toward 3,238 USD and below could be considered.
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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.
Top trading opportunities are waiting for you! : t.me/+aljKUwb-ar1jNDg1
🔥 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.