Gold Pulls Back to 3332 Before Mild Rebound📊 Market Overview:
This morning, gold dropped sharply to $3,332/oz, marking the lowest level in recent sessions, due to profit-taking after the early-week rally and a slight recovery in the USD.
However, dip-buying interest returned near key support, pushing the price back up to around $3,350/oz.
The market remains sensitive to Middle East geopolitical headlines and comments from Fed officials scheduled throughout the week.
📉 Technical Analysis:
• Resistance: $3,360 – $3,370
• Support: $3,332 – $3,340 (tested this morning)
• EMA 09: Price is currently below EMA09 ($3,355) → short-term trend remains slightly bearish
• Momentum / Volume / Candlesticks:
o H1 candle shows a bullish hammer formation at $3,332 → signal of potential short-term rebound.
o RSI recovered from oversold (<30) to ~42 → mildly positive signal.
o StochRSI indicates short-term buying pressure, but a break above $3,355 is needed to confirm a reversal.
📌 Outlook:
Gold may see a mild recovery toward the $3,360–3,370 area if buying interest holds near the $3,330 support. However, failure to break above $3,370 could lead to a pullback during the US session.
💡 Suggested Trading Plan:
🔻 SELL XAU/USD at: $3,365–3,370
🎯 TP: $3,345 (~20)
❌ SL: $3,375
🔺 BUY XAU/USD at: $3,332–3,340
🎯 TP: $3,355 (~20)
❌ SL: $3,325
