XAUUSD is staging a modest technical rebound after a strong breakdown, currently retesting the confluence zone of resistance and EMA on the 1H chart. This area around 3,351 USD marks a key selling region where bearish momentum may resume.On the macro front, traders are eyeing the upcoming Core PCE data — the Fed’s preferred inflation gauge. A higher-than-expected reading could boost the US dollar and reinforce downward pressure on gold prices.
Technically, the recent breakdown followed by a retest of structure suggests bearish continuation. If gold fails to break above resistance, it may drop first toward the 3,304 USD zone (TP1) and potentially extend to the key support near 3,250 USD (TP2).
All eyes should be on how price reacts to resistance. A confirmed rejection could offer a high-probability short opportunity.
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