XAUUSD – Downtrend Continues as USD StrengthensGold remains under significant pressure as the U.S. dollar continues to gain strength following a series of positive economic data from the U.S. Specifically, GDP grew by 2.5%, beating expectations, while ADP Non-Farm Employment data also came in strong. This suggests the U.S. economy remains resilient, supporting the Fed's hawkish stance and keeping the dollar strong.
On the 4H chart, XAUUSD has broken below the previous ascending price channel and is now trading under the 3,340.400 resistance zone – an area packed with unfilled FVGs. The current price structure leans bearish, with any rebounds likely to be temporary pullbacks.
If USD strength continues, gold could drop further toward the support zone at 3,279.200 or even lower near 3,240.
Trading Strategy: Focus on SELL
Entry: Around 3,325 – 3,340.400 upon price rejection signals.
Target: 3,279.200 or lower.
Stop-loss: Above 3,342.459
