📊 Market Overview:
Gold is currently trading around $3,289/oz, down from the day's high of $3,322. This decline follows the U.S. PCE inflation data showing a 2.1% annual increase in April, below the forecast of 2.2% and March's 2.3%. Core PCE also rose 0.1% monthly and 2.5% annually, the lowest since early 2021.
📉 Technical Analysis:
• Key Resistance: $3,310 – $3,330
• Nearest Support: $3,270
• EMA: Price is currently below the 09 EMA, indicating a short-term downtrend.
• RSI Indicator: The RSI is declining, signaling increasing selling pressure.
• Candlestick Pattern: A bearish candlestick pattern has formed after failing to break above the $3,330 resistance zone.
📌 Outlook:
If gold fails to hold the $3,270 support level, it may continue to decline towards $3,250. However, maintaining above $3,270 could see a rebound towards the $3,300 – $3,310 range.
💡Suggested Trade Strategy:
SELL XAU/USD at: $3,310 – $3,315
🎯 TP: $3,290
❌ SL: $3,320
BUY XAU/USD at: $3,270
🎯 TP: $3,290
❌ SL: $3,260
Gold is currently trading around $3,289/oz, down from the day's high of $3,322. This decline follows the U.S. PCE inflation data showing a 2.1% annual increase in April, below the forecast of 2.2% and March's 2.3%. Core PCE also rose 0.1% monthly and 2.5% annually, the lowest since early 2021.
📉 Technical Analysis:
• Key Resistance: $3,310 – $3,330
• Nearest Support: $3,270
• EMA: Price is currently below the 09 EMA, indicating a short-term downtrend.
• RSI Indicator: The RSI is declining, signaling increasing selling pressure.
• Candlestick Pattern: A bearish candlestick pattern has formed after failing to break above the $3,330 resistance zone.
📌 Outlook:
If gold fails to hold the $3,270 support level, it may continue to decline towards $3,250. However, maintaining above $3,270 could see a rebound towards the $3,300 – $3,310 range.
💡Suggested Trade Strategy:
SELL XAU/USD at: $3,310 – $3,315
🎯 TP: $3,290
❌ SL: $3,320
BUY XAU/USD at: $3,270
🎯 TP: $3,290
❌ SL: $3,260
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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.
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.