Gold opened with a 600-pip gap down overnight due to easing geopolitical fears (US/China trade talk optimism), breaking below our key support at 3274.00.
However, price quickly snapped back above 3274.00 and is currently showing bullish signs into the London open.
📊 Key Zones to Watch:
3274.00 → if support forms again, early buys possible
3333.00 → safer buy trigger
3380.00 → wedge resistance and key short-term target
🎯 Target Range:
From 3274 to 3380 = 1000 pips
From 3333 to 3380 = 400+ pips
⚠️ Caution: 3380 also aligns with technical wedge resistance. If we reject there, we may see bearish structure set in for the second half of May.
However, price quickly snapped back above 3274.00 and is currently showing bullish signs into the London open.
📊 Key Zones to Watch:
3274.00 → if support forms again, early buys possible
3333.00 → safer buy trigger
3380.00 → wedge resistance and key short-term target
🎯 Target Range:
From 3274 to 3380 = 1000 pips
From 3333 to 3380 = 400+ pips
⚠️ Caution: 3380 also aligns with technical wedge resistance. If we reject there, we may see bearish structure set in for the second half of May.
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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.