Gold continues its impressive recovery on the 3H timeframe, after bouncing strongly from the support zone around $3,300. Currently, the market is approaching a key resistance area at $3,400 – a level that previously triggered strong selling pressure.
EMA34 and EMA89 have crossed upwards, indicating that short-term bullish momentum is gaining strength. However, since this is a former resistance zone, a pullback to the $3,300 area before continuing the upward move is entirely possible.
On the news front, rising jobless claims and weakening manufacturing PMI have lowered expectations for the strength of the USD. However, a slight uptick in the services PMI keeps market sentiment cautious – resulting in a tug-of-war, though still leaning in favor of the buyers.
What do you think? Will gold break out further or take a breather first?
EMA34 and EMA89 have crossed upwards, indicating that short-term bullish momentum is gaining strength. However, since this is a former resistance zone, a pullback to the $3,300 area before continuing the upward move is entirely possible.
On the news front, rising jobless claims and weakening manufacturing PMI have lowered expectations for the strength of the USD. However, a slight uptick in the services PMI keeps market sentiment cautious – resulting in a tug-of-war, though still leaning in favor of the buyers.
What do you think? Will gold break out further or take a breather first?
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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.