GOLD/USD (XAUUSD) – Key Levels and Trading Scenarios (1H Chart)**
🕐Timeframe: 1-Hour
📍 **Current Price**: 3386.78
🔍 Technical Outlook:
Gold recently experienced a strong bullish impulse, breaking out of consolidation and forming a new local high around **3401.72**. Price is now retracing slightly and consolidating near the top. The market structure remains bullish, but a short-term pullback is possible before the next leg up or down.
🟥 Resistance Levels:
* **3401.72 – Key Intraday Resistance**: Previous high. A break and close above this level with strong momentum may trigger bullish continuation.
* **3429.09 – Major Resistance Zone**: If price breaks above 3401.72, the next target will be this higher resistance.
🟩 Support Levels:
373.61 – First Key Support**: If price breaks down from current range, this level may act as the first area of reaction. A clean break below it could signal deeper correction.
3344.76 – Major Support**: Strong historical level and previous consolidation zone. If this level fails to hold, we could see significant bearish pressure.
📈 Bullish Scenario:
* Wait for a clean breakout and retest of 3401.72.
* If price shows bullish momentum with a strong bullish candle after the retest, consider long positions.
* Target: **3429.09**
* Stop loss below **3373.61** for a favorable risk-reward.
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📉 Bearish Scenario:
* If price breaks below **3373.61**, wait for a bearish retest and confirmation.
* Look for rejection signs and enter short on lower highs.
* Target: **3344.76**
* Stop loss above **3386–3390 zone** depending on entry.
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⚠️ Key Notes:
* Market is currently in a decision phase: **breakout or reversal**.
* Use confirmation candles before entries.
* Be cautious around **3373–3401** zone as it may act as a chop zone during low volume hours.
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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.
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.