6/12 Gold Analysis and Trading SignalsGood morning, everyone!
Gold rebounded after dipping to around $3320 yesterday, following a pullback from our previously defined sell zone (3358–3373). Early today, price broke above 3360, reaching a high of 3373, exactly within the resistance zone we expected. The initial rejection from this level aligns well with our plan.
📈 Technical Analysis:
Watch closely whether 3373 can be broken with strong volume. If so, the next key resistance lies around 3385.
However, if price reaches this level without first testing the 3352–3346 support, a rejection is likely. In such case, 3385 may serve as a temporary top and a potential short entry point.
🧭 Trend Structure:
On the 4H timeframe, the bullish momentum remains intact. The last two candles suggest strong buying pressure. If today's fundamentals are supportive, a test of 3400 or higher is possible.
On the 1D chart, the market is still in a technical correction phase. The bounce near 3300 was supported by the long-term trendline. However, if price drops back below 3340 and stays there, a trend reversal becomes more likely.
Focus on the 3314–3296 support zone. If that breaks, a deeper drop is likely, possibly $100 or more, pushing price toward 3200–3190. The decline may unfold as a slow grind or sharp breakdown.
📊 Fundamental Watch:
Today’s Initial Jobless Claims data could have greater-than-usual impact due to the recent CPI release.
The Federal Reserve's Quarterly Financial Accounts Report is also due today and may affect broader market sentiment.
📌 Today’s Trading Recommendations:
✅ Sell Zone: 3385–3403
✅ Buy Zone: 3331–3321
🔄 Intraday Scalping Levels:
3376 / 3358 / 3346 / 3334
