Hello everyone,
Gold is currently trading around $3,345, with the critical level at $3,350 acting as a decisive resistance. If this barrier is broken, I believe the bullish momentum will continue. From a technical perspective, gold is testing the Fair Value Gap (FVG) between $3,340 and $3,350 – an area that, once filled, could strengthen the case for long positions. Notably, trading volume has been rising in recent candles, indicating that buyers are gradually regaining control.
On the macro side, the backdrop also favours gold. Growing expectations of a Federal Reserve rate cut have weakened the US dollar, making gold more attractive as a safe-haven asset. If Jerome Powell’s upcoming speech at Jackson Hole reinforces the likelihood of lower interest rates, this will provide additional tailwinds for gold.
In conclusion, if gold can break above $3,350 with conviction, I expect the uptrend to extend towards $3,370. This presents a strong opportunity for buyers, as long as the breakout is confirmed.
See you in the next update – let me know your thoughts in the comments below.
Gold is currently trading around $3,345, with the critical level at $3,350 acting as a decisive resistance. If this barrier is broken, I believe the bullish momentum will continue. From a technical perspective, gold is testing the Fair Value Gap (FVG) between $3,340 and $3,350 – an area that, once filled, could strengthen the case for long positions. Notably, trading volume has been rising in recent candles, indicating that buyers are gradually regaining control.
On the macro side, the backdrop also favours gold. Growing expectations of a Federal Reserve rate cut have weakened the US dollar, making gold more attractive as a safe-haven asset. If Jerome Powell’s upcoming speech at Jackson Hole reinforces the likelihood of lower interest rates, this will provide additional tailwinds for gold.
In conclusion, if gold can break above $3,350 with conviction, I expect the uptrend to extend towards $3,370. This presents a strong opportunity for buyers, as long as the breakout is confirmed.
See you in the next update – let me know your thoughts in the comments below.
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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.