Gold (XAUUSD) is trading around 3,331 USD as global markets react to a series of critical economic data releases. The recent rally has brought prices back to a key resistance zone, but selling pressure remains strong due to the following factors:
- The Dollar Index (DXY)
DXY holds steady near 97, its highest level in five weeks. A strong USD continues to weigh on gold, a non-yielding asset.
- U.S. 10-year Treasury yields remain stable at 4.35%, reinforcing expectations that the Federal Reserve will maintain higher interest rates for longer to tame inflation.
- Robust U.S. labor market data and June’s Core PCE figures staying above the Fed’s 2% target further reduce the likelihood of a rate cut in Q3 or Q4.
- Geopolitical tensions remain muted, with no significant escalations in the Russia–Ukraine conflict or Middle East unrest, weakening gold’s safe-haven appeal.
➡ Collectively, these factors suggest that gold’s recent rebound could be a technical pullback within a broader downtrend, unless a new catalyst drives a breakout.
1. XAUUSD Technical Analysis – Daily Chart (D1)
Price is currently testing the 3,331 – 3,340 USD resistance zone, which includes:
A previous supply zone that has rejected multiple rallies.
- Fibonacci retracement 0.5–0.618 from the recent high at 3,405 USD.
- A key Change of Character (CHoCH) area, where trend reversals have previously occurred.
- EMA20 and EMA50 remain aligned downward, confirming the dominant bearish trend.
- RSI hovers around 50 with signs of mild bearish divergence, reflecting weakening bullish momentum.
➡ The current price action fits a classic “sell on rally” setup, with repeated rejections at technical resistance zones.
2. Key Price Levels to Watch
Technical Significance
- 3,340 – 3,331 Confluence resistance (Fibo 0.5–0.618 + supply + CHoCH)
- 3,310 – 3,300 Nearest support – role reversal zone
- 3,275 – 3,260 Short-term target support – June’s low
- 3,223 – 3,205 Strong medium-term support – April’s low + extended Fibo
3. Suggested XAUUSD
XAUUSD Trading Strategy
Primary Strategy: SELL if price rejects 3,340 – 3,345
Entry: 3,340 – 3,345
Stop Loss: 3,356
Take Profit 1: 3,335
Take Profit 2: 3,330
Take Profit 3: 3,325
Ps : Gold is trading at a critical price zone. If XAUUSD fails to break above the 3,340 USD resistance, there’s a high probability of a pullback toward the lower support levels. Selling at resistance and targeting support remains the preferred approach in the current macro environment, which continues to favor bearish momentum.
This strategy will be updated regularly – save it and follow to avoid missing upcoming opportunities.
Analysis by Henrybillion
- The Dollar Index (DXY)
DXY holds steady near 97, its highest level in five weeks. A strong USD continues to weigh on gold, a non-yielding asset.- U.S. 10-year Treasury yields remain stable at 4.35%, reinforcing expectations that the Federal Reserve will maintain higher interest rates for longer to tame inflation.
- Robust U.S. labor market data and June’s Core PCE figures staying above the Fed’s 2% target further reduce the likelihood of a rate cut in Q3 or Q4.
- Geopolitical tensions remain muted, with no significant escalations in the Russia–Ukraine conflict or Middle East unrest, weakening gold’s safe-haven appeal.
➡ Collectively, these factors suggest that gold’s recent rebound could be a technical pullback within a broader downtrend, unless a new catalyst drives a breakout.
1. XAUUSD Technical Analysis – Daily Chart (D1)
Price is currently testing the 3,331 – 3,340 USD resistance zone, which includes:
A previous supply zone that has rejected multiple rallies.
- Fibonacci retracement 0.5–0.618 from the recent high at 3,405 USD.
- A key Change of Character (CHoCH) area, where trend reversals have previously occurred.
- EMA20 and EMA50 remain aligned downward, confirming the dominant bearish trend.
- RSI hovers around 50 with signs of mild bearish divergence, reflecting weakening bullish momentum.
➡ The current price action fits a classic “sell on rally” setup, with repeated rejections at technical resistance zones.
2. Key Price Levels to Watch
Technical Significance
- 3,340 – 3,331 Confluence resistance (Fibo 0.5–0.618 + supply + CHoCH)
- 3,310 – 3,300 Nearest support – role reversal zone
- 3,275 – 3,260 Short-term target support – June’s low
- 3,223 – 3,205 Strong medium-term support – April’s low + extended Fibo
3. Suggested XAUUSD
XAUUSD Trading StrategyPrimary Strategy: SELL if price rejects 3,340 – 3,345
Entry: 3,340 – 3,345
Stop Loss: 3,356
Take Profit 1: 3,335
Take Profit 2: 3,330
Take Profit 3: 3,325
Ps : Gold is trading at a critical price zone. If XAUUSD fails to break above the 3,340 USD resistance, there’s a high probability of a pullback toward the lower support levels. Selling at resistance and targeting support remains the preferred approach in the current macro environment, which continues to favor bearish momentum.
This strategy will be updated regularly – save it and follow to avoid missing upcoming opportunities.
Analysis by Henrybillion
Trade active
There will be many new updates in the upcoming sessions.let’s discuss them together!
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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
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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.