📉 Bearish Context & Key Resistance Levels:
Major Resistance at 2,934.00
Strong supply zone where price has previously rejected.
Multiple tests of this area indicate seller pressure.
Short-term Resistance at 2,920-2,925
Price is consolidating near this zone.
A rejection could lead to a downward move.
📈 Bullish Context & Key Support Levels:
Support at 2,846.88 - 2,832.72 (Demand Zone)
Strong reaction zone where buyers stepped in.
Previous price action suggests liquidity in this area.
Deeper Support at 2,720-2,680
If 2,832 breaks, this is the next key demand area.
Aligned with moving averages, adding confluence.
📉 Current Market Outlook:
Price recently bounced from the 2,846-2,832 support, showing buyers’ presence.
However, the 2,920-2,925 area is acting as resistance.
If the price fails to break higher, a move back toward 2,846 or even 2,720 is possible.
📈 Potential Trading Setups:
🔻 Short Setup (Bearish Bias):
Entry: Below 2,920 after a clear rejection.
Target 1: 2,846
Target 2: 2,832, with possible extension to 2,720.
Stop Loss: Above 2,935 to avoid fakeouts.
🔼 Long Setup (Bullish Scenario):
Entry: Break and hold above 2,934.00 with confirmation.
Target 1: 2,960
Target 2: 3,000+
Stop Loss: Below 2,915 to minimize risk.
📰 Fundamental Analysis & Market Drivers
1️⃣ US ISM Services PMI & ADP Jobs Report:
The ISM Services PMI increased to 53.5, signaling stronger services inflation and employment.
However, the ADP Employment Report showed a disappointing 77K jobs, far below the expected 140K, weighing on the USD.
2️⃣ Trump’s Tariffs & USD Weakness:
Trump announced massive tariffs on trade partners, affecting risk sentiment.
While he downplayed negative effects, US Commerce Secretary Howard Lutnick hinted at potential tariff rollbacks, boosting risk appetite.
This weakened the USD, allowing gold to rise.
3️⃣ Upcoming ECB Decision:
The ECB is expected to cut rates by 25 bps on Thursday, which could further impact market sentiment and gold’s direction.
If the rate cut weakens the EUR, gold could see more upside.
📌 Final Thoughts:
2,920-2,925 remains a key resistance for short-term direction.
A break above 2,934 could signal bullish continuation.
A rejection from current levels could push price back toward 2,846 or lower.
Fundamentals favor gold's strength as the USD weakens due to poor job data and trade uncertainty.
🚀 Key Decision Zone: Watch price action near 2,920-2,925!
Major Resistance at 2,934.00
Strong supply zone where price has previously rejected.
Multiple tests of this area indicate seller pressure.
Short-term Resistance at 2,920-2,925
Price is consolidating near this zone.
A rejection could lead to a downward move.
📈 Bullish Context & Key Support Levels:
Support at 2,846.88 - 2,832.72 (Demand Zone)
Strong reaction zone where buyers stepped in.
Previous price action suggests liquidity in this area.
Deeper Support at 2,720-2,680
If 2,832 breaks, this is the next key demand area.
Aligned with moving averages, adding confluence.
📉 Current Market Outlook:
Price recently bounced from the 2,846-2,832 support, showing buyers’ presence.
However, the 2,920-2,925 area is acting as resistance.
If the price fails to break higher, a move back toward 2,846 or even 2,720 is possible.
📈 Potential Trading Setups:
🔻 Short Setup (Bearish Bias):
Entry: Below 2,920 after a clear rejection.
Target 1: 2,846
Target 2: 2,832, with possible extension to 2,720.
Stop Loss: Above 2,935 to avoid fakeouts.
🔼 Long Setup (Bullish Scenario):
Entry: Break and hold above 2,934.00 with confirmation.
Target 1: 2,960
Target 2: 3,000+
Stop Loss: Below 2,915 to minimize risk.
📰 Fundamental Analysis & Market Drivers
1️⃣ US ISM Services PMI & ADP Jobs Report:
The ISM Services PMI increased to 53.5, signaling stronger services inflation and employment.
However, the ADP Employment Report showed a disappointing 77K jobs, far below the expected 140K, weighing on the USD.
2️⃣ Trump’s Tariffs & USD Weakness:
Trump announced massive tariffs on trade partners, affecting risk sentiment.
While he downplayed negative effects, US Commerce Secretary Howard Lutnick hinted at potential tariff rollbacks, boosting risk appetite.
This weakened the USD, allowing gold to rise.
3️⃣ Upcoming ECB Decision:
The ECB is expected to cut rates by 25 bps on Thursday, which could further impact market sentiment and gold’s direction.
If the rate cut weakens the EUR, gold could see more upside.
📌 Final Thoughts:
2,920-2,925 remains a key resistance for short-term direction.
A break above 2,934 could signal bullish continuation.
A rejection from current levels could push price back toward 2,846 or lower.
Fundamentals favor gold's strength as the USD weakens due to poor job data and trade uncertainty.
🚀 Key Decision Zone: Watch price action near 2,920-2,925!
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.
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.