XAUUSD 
XAUUSD – Downward Pressure Resumes After Channel Breakdown: Key Levels and Strategy for Today
As of the July 29 session, gold (XAUUSD) remains under short-term bearish pressure, having broken below the descending price channel on the 1H timeframe. The market structure confirms a dominant bearish trend as price continues to trade below the EMAs cluster.
1. Price Action and Market Behavior
XAUUSD is forming a clear sequence of lower highs and lower lows, confirming a short-term downtrend.
Price is currently hovering around $3,316 after breaking below the lower boundary of the channel, signaling potential continuation of the sell-off.
2. Key Resistance and Support Levels
Immediate resistance: 3,337 – 3,346 USD (aligned with EMA20, EMA50 and prior channel resistance).
Major resistance: 3,378 – 3,385 USD (confluence of Fibo and former high).
Near-term support: 3,300 USD (psychological level).
Major support: 3,248 USD (projected target based on measured move from channel height).
3. Technical Indicators
EMA20 and EMA50 are both below EMA200, forming a classic “death cross” – a strong bearish signal.
Volume increased on the breakdown, reinforcing the strength of bearish momentum.
RSI remains below 50, indicating weak bullish retracements and room for further downside.
4. Trading Strategy
Primary Strategy: Sell on Rally
Ideal entry zone: 3,331 – 3,346 USD.
Stop Loss: Above 3,353 USD (above key resistance zone).
TP1: 3,300 USD.
TP2: 3,248 USD (extended target based on breakout structure).
Alternative Strategy: Countertrend Long
Only consider buy setups if strong reversal candles and bullish RSI divergence appear near 3,248 USD.
XAUUSD continues to face downside risk after the channel breakdown. Unless bulls reclaim the 3,337 – 3,346 zone, price is more likely to drift lower toward 3,300 and potentially 3,248. Traders should remain patient and wait for clean setups around these key zones.
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XAUUSD – Downward Pressure Resumes After Channel Breakdown: Key Levels and Strategy for TodayAs of the July 29 session, gold (XAUUSD) remains under short-term bearish pressure, having broken below the descending price channel on the 1H timeframe. The market structure confirms a dominant bearish trend as price continues to trade below the EMAs cluster.
1. Price Action and Market Behavior
XAUUSD is forming a clear sequence of lower highs and lower lows, confirming a short-term downtrend.
Price is currently hovering around $3,316 after breaking below the lower boundary of the channel, signaling potential continuation of the sell-off.
2. Key Resistance and Support Levels
Immediate resistance: 3,337 – 3,346 USD (aligned with EMA20, EMA50 and prior channel resistance).
Major resistance: 3,378 – 3,385 USD (confluence of Fibo and former high).
Near-term support: 3,300 USD (psychological level).
Major support: 3,248 USD (projected target based on measured move from channel height).
3. Technical Indicators
EMA20 and EMA50 are both below EMA200, forming a classic “death cross” – a strong bearish signal.
Volume increased on the breakdown, reinforcing the strength of bearish momentum.
RSI remains below 50, indicating weak bullish retracements and room for further downside.
4. Trading Strategy
Primary Strategy: Sell on Rally
Ideal entry zone: 3,331 – 3,346 USD.
Stop Loss: Above 3,353 USD (above key resistance zone).
TP1: 3,300 USD.
TP2: 3,248 USD (extended target based on breakout structure).
Alternative Strategy: Countertrend Long
Only consider buy setups if strong reversal candles and bullish RSI divergence appear near 3,248 USD.
XAUUSD continues to face downside risk after the channel breakdown. Unless bulls reclaim the 3,337 – 3,346 zone, price is more likely to drift lower toward 3,300 and potentially 3,248. Traders should remain patient and wait for clean setups around these key zones.
Follow for more strategies and remember to save this post if you found it helpful.
Let me know if you'd like a short version for the TradingView caption or hashtags suggestion.
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🪙 JOIN OUR FREE TELEGRAM GROUP 🪙
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Join the community group to get support and share knowledge!
️🥇 Exchange and learn market knowledge
️🥇 Support free trading signals
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.