We’ve just witnessed a fairly impressive rally in gold at the start of the week — not too surprising given that the latest JOLTS data showed a slowdown in U.S. job openings, coupled with a sudden escalation in U.S.–China trade tensions. With growing risk aversion, it’s no wonder investors are turning to gold as a “safe haven.”
But here’s the catch: is this rally sustainable?
On the H4 chart, gold has just revisited the old resistance zone around 3,384 — a level that previously pushed prices sharply lower. As price approached this zone, we started seeing upper wick rejections, signaling that buying momentum is fading.
A possible scenario: If price fails to decisively break above 3,384 and continues to get rejected on subsequent retests, there’s a high chance gold may pull back toward the support area around 3,288. This is also the “lifeline” zone near the EMA 34–89, which may act as short-term support.
But here’s the catch: is this rally sustainable?
On the H4 chart, gold has just revisited the old resistance zone around 3,384 — a level that previously pushed prices sharply lower. As price approached this zone, we started seeing upper wick rejections, signaling that buying momentum is fading.
A possible scenario: If price fails to decisively break above 3,384 and continues to get rejected on subsequent retests, there’s a high chance gold may pull back toward the support area around 3,288. This is also the “lifeline” zone near the EMA 34–89, which may act as short-term support.
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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.
Top trading opportunities are waiting for you! : t.me/+aljKUwb-ar1jNDg1
🔥 High-quality signals – Win rate up to 85%
📍 Accurate, verified technical analysis
⚡ Fast updates – Never miss a golden entry
🔥 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.