Gold Technical Analysis Update:(XAUUSD)

Not much has changed since my last update—gold remains stuck in the same range-bound, triangle pattern we've been tracking. The price action is definitely tightening, which usually means we're getting closer to a decisive breakout.

Key Levels:
- Support: 3300 is holding firm as a strong support level.
- Resistance: 3350 continues to cap the price as a major resistance, keeping gold within a wide range.

My outlook remains bearish for the short term, especially as gold is still trading below the golden Fibonacci zone (3375-3420). The weekly close also confirmed that sellers remain in control for now.

Today’s monthly close is particularly important and could set the tone for the next move:
- If gold finishes below 3330, this will strengthen the bearish outlook and open the door for a drop towards 3250, 3200, 3150, and even 3070.
- However, a breakout above the triangle and 3350 would force a reassessment of the short-term direction.

For now, I’m waiting for a clear breakout from this range to confirm the next major move.
Personal trade plan:
- I believe we can enter a sell trade here, with targets at 3250/3200/3150/3070.
- My stop loss is set at a 4-hour candle close above 3335.

As always, manage your risk and trade wisely. Good luck, traders! 🏆💰

Trade closed: target reached

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SRFXGlobal

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