On the H1 chart, after the recent strong decline, gold price created a gap past area and bounced back from the support zone around 3310 – 3340. Currently, price is trading near 3354, consolidating in a narrow range after filling the gap.
1. Trend Outlook
Mid-term (H4 – D1): the overall structure remains bearish after failing to hold above the 3390 – 3400 resistance.
Short-term (H1): price is staging a technical rebound, aiming to retest the resistance zone around 3374 – 3380.
2. Key Technical Levels
Immediate resistance: 3374 – 3380 (short-term target).
Major resistance: 3395 – 3400 (previous swing high, strong supply zone).
Near-term support: 3343 – 3345 (EMA20 and breakout retest zone).
Deeper support: 3310 – 3320 (swing low, aligned with 61.8% Fibonacci).
3. Technical Indicators
EMA 20 & 50: price has reclaimed EMA20; holding above this level supports further upside toward 3374.
RSI H1: rebounding from oversold territory, now near 50, still has room to the upside.
Volume: buying activity increased during the bounce from the lows, signaling short-term demand returning.
4. Trading Strategies
Bullish scenario (Buy the pullback):
Entry: 3350 – 3355
TP1: 3374
TP2: 3395
SL: below 3340
Bearish scenario (Sell rejection at resistance):
Watch for bearish reversal signals around 3374 – 3380
TP: 3345 – 3310
SL: above 3390
5. Conclusion
Gold is showing a short-term recovery, but the broader structure remains bearish. The key test lies at 3374 – 3380; market reaction there will decide if the rebound extends or fades.
Follow for more strategies and save this analysis if you find it useful.
1. Trend Outlook
Mid-term (H4 – D1): the overall structure remains bearish after failing to hold above the 3390 – 3400 resistance.
Short-term (H1): price is staging a technical rebound, aiming to retest the resistance zone around 3374 – 3380.
2. Key Technical Levels
Immediate resistance: 3374 – 3380 (short-term target).
Major resistance: 3395 – 3400 (previous swing high, strong supply zone).
Near-term support: 3343 – 3345 (EMA20 and breakout retest zone).
Deeper support: 3310 – 3320 (swing low, aligned with 61.8% Fibonacci).
3. Technical Indicators
EMA 20 & 50: price has reclaimed EMA20; holding above this level supports further upside toward 3374.
RSI H1: rebounding from oversold territory, now near 50, still has room to the upside.
Volume: buying activity increased during the bounce from the lows, signaling short-term demand returning.
4. Trading Strategies
Bullish scenario (Buy the pullback):
Entry: 3350 – 3355
TP1: 3374
TP2: 3395
SL: below 3340
Bearish scenario (Sell rejection at resistance):
Watch for bearish reversal signals around 3374 – 3380
TP: 3345 – 3310
SL: above 3390
5. Conclusion
Gold is showing a short-term recovery, but the broader structure remains bearish. The key test lies at 3374 – 3380; market reaction there will decide if the rebound extends or fades.
Follow for more strategies and save this analysis if you find it useful.
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🪙 JOIN OUR FREE TELEGRAM GROUP 🪙
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️🥇 Exchange and learn market knowledge
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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.