On the H4 timeframe, gold has officially broken below the ascending trendline formed since mid-May, after several successful retests. This is a clear sign that the short-term uptrend is losing momentum.
Following the trendline breakdown, price is currently making a mild pullback, retesting the confluence zone of EMA34–EMA89 around 3,323 to 3,336 USD. However, if this zone continues to act as resistance, the pullback pattern will complete and open up the possibility of further decline toward the next support area around 3,264 USD – which previously held price well.
Moreover, gold remains under pressure due to the US dollar’s strong rebound amid expectations that the Fed will maintain high interest rates. Hot CPI and PPI forecasts are delaying rate cut hopes, further weighing on gold prices.
Following the trendline breakdown, price is currently making a mild pullback, retesting the confluence zone of EMA34–EMA89 around 3,323 to 3,336 USD. However, if this zone continues to act as resistance, the pullback pattern will complete and open up the possibility of further decline toward the next support area around 3,264 USD – which previously held price well.
Moreover, gold remains under pressure due to the US dollar’s strong rebound amid expectations that the Fed will maintain high interest rates. Hot CPI and PPI forecasts are delaying rate cut hopes, further weighing on gold prices.
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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.