Short

Gold Slips Below Key Support – Is $3,326 Next?

Gold has broken beneath the $3,365–$3,369 support zone, which now aligns with descending trendlines TL1 and TL2 acting as resistance. The 30-minute chart confirms a clean bearish breakout and retest, signalling potential continuation toward lower support near $3,326.

🎯 Short Setup
Entry: $3,365 (retest of broken support / trendline confluence)
Stop: $3,375 (above TL2 and intraday highs)
Target 1: $3,330
Target 2: $3,326
R:R: ~1:3.95

📊 Technical Context
• Price is capped below the $3,365–$3,369 supply zone
• Trendline resistance (TL1, TL2) remains intact from mid-June
• Structure favours continuation lower as long as price stays beneath the retest zone

🌐 Fundamental Backdrop
• Fed held rates steady, but Powell’s tone remained hawkish, warning of “elevated inflation” — supporting USD strength
• Rising Middle East tensions (Israel-Iran conflict) offer safe-haven bids, but not enough to break resistance
• Trump’s tariff threats and criticism of Fed policy add macro uncertainty — mildly supportive of gold in the longer run

📘 Trade Bias
As long as gold holds below $3,365, the bearish thesis remains intact. A sustained push above $3,375 would invalidate the setup and signal a potential reversal or breakout retest.

⚠️ Disclaimer
This analysis is for educational purposes only. Always do your own research and consult a licensed advisor before making financial decisions.

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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.

ATFX_Global

ATFX is a globally regulated, award-winning fintech broker offering customer support in 20 languages.
👉🏼Start your trading journey with ATFX: bit.ly/3mLMPHz

Also on: