Gold rallied strongly toward $3,575/oz, but heavy selling pressure emerged right at this key resistance. The pressure came after fresh U.S. economic data: the ISM Services PMI came in at 50.9, beating expectations of 50.1, signaling that the services sector – the backbone of the U.S. economy – remains solid. This strengthened the USD and weighed on gold, preventing it from holding its bullish momentum.
From a technical perspective, gold printed a strong rejection candle at the $3,575 resistance, confirming sellers’ dominance. After an extended rally, price is now stretched far above the EMA 34 and 89, often a signal of a likely pullback to equilibrium.
The nearest support lies at $3,473; if broken, the decline could extend further toward $3,423. In the short term, the main scenario favors gold staying below $3,575 and correcting down toward $3,473. On the other hand, if an H4 candle surprisingly closes above $3,575, the bullish trend could resume – but this is less likely while the USD remains supported by positive economic data.
What do you think about this trend?
From a technical perspective, gold printed a strong rejection candle at the $3,575 resistance, confirming sellers’ dominance. After an extended rally, price is now stretched far above the EMA 34 and 89, often a signal of a likely pullback to equilibrium.
The nearest support lies at $3,473; if broken, the decline could extend further toward $3,423. In the short term, the main scenario favors gold staying below $3,575 and correcting down toward $3,473. On the other hand, if an H4 candle surprisingly closes above $3,575, the bullish trend could resume – but this is less likely while the USD remains supported by positive economic data.
What do you think about this trend?
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🔥 High-quality signals – Win rate up to 85%
📍 Accurate, verified technical analysis
⚡ Fast updates – Never miss a golden entry
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.