Gold is following the textbook pattern of a strong uptrend on the D1 chart. After bouncing from the support zone around EMA34 and EMA89, the price is continuing to consolidate just below the major resistance around 3,397.500 USD.
What’s notable is that this level previously rejected price, so the current pause in momentum is understandable. However, as long as the price holds above the support zone around 3,171.600 USD – which aligns with EMA89 and the prior demand zone – the bullish structure remains intact.
The most reasonable scenario now is to wait for a clear bounce from the EMA region or a confirmed breakout above resistance. If a breakout occurs, the next target will likely be the previous high around 3,434.500 USD.
On the news front, U.S. jobless claims have slightly increased this week, reinforcing expectations that the Fed will keep interest rates unchanged – an indirect boost for gold.
What’s notable is that this level previously rejected price, so the current pause in momentum is understandable. However, as long as the price holds above the support zone around 3,171.600 USD – which aligns with EMA89 and the prior demand zone – the bullish structure remains intact.
The most reasonable scenario now is to wait for a clear bounce from the EMA region or a confirmed breakout above resistance. If a breakout occurs, the next target will likely be the previous high around 3,434.500 USD.
On the news front, U.S. jobless claims have slightly increased this week, reinforcing expectations that the Fed will keep interest rates unchanged – an indirect boost for gold.
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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.