On the 1-hour timeframe, Gold has shown a short-term bullish move but failed to break above the strong resistance area at 3410–3430 USD. Sellers dominated at this level, pushing the price into a corrective phase.
Key Resistance:
The red zone around 3410–3430 USD remains a major barrier for buyers. Multiple rejections from this level highlight strong selling pressure.
Key Support:
The green zone between 3325–3335 USD is acting as critical support. If the price breaks below 3320 USD and holds, further downside towards 3300 USD or lower becomes likely.
Market Structure:
The previous uptrend was invalidated after a trendline break, signaling weakening bullish momentum.
Price is currently consolidating near support, and the next move depends on whether buyers defend this area or sellers push through.
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Possible Scenarios:
Bullish Case: A bounce from 3325 USD with strong bullish candles could send the price back to 3380 and potentially 3410 USD.
Bearish Case: A confirmed break below 3320 USD would likely increase selling pressure, opening the path towards 3300 USD or lower.
Conclusion:
Gold is at a decisive level. The 3320–3335 USD support zone is critical, and traders should wait for confirmation of either a bounce or a breakdown before entering positions.
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