Gold Faces Resistance Near $3,300 Ahead of U.S. Jobs Data📊 Market Highlights:
Gold holds firm above $3,280 supported by expectations of future Fed rate cuts, but upside momentum has stalled as traders await this Friday’s U.S. jobs report. A slight rebound in the U.S. dollar and elevated bond yields are pressuring gold in the short term.
📉 Technical Analysis:
• Key Resistances:
– $3,300 (strong psychological and profit-taking level)
– $3,320 (last week’s high – potential heavy selling zone)
• Key Supports:
– $3,255 (short-term dynamic support – EMA 09)
– $3,230 (major support from previous breakout structure)
• EMA 09: Price remains above the 09 EMA → trend still bullish
• Momentum: The bullish momentum is weakening. A shooting star candle near $3,300 and RSI approaching overbought territory (>70) suggest a possible short-term correction.
📌 Outlook:
Gold may retreat to $3,255 or lower if it fails to break above the $3,300–$3,320 resistance zone. However, the overall bullish trend remains intact as long as price holds above $3,230.
💡 Suggested Trade Setup:
🔻 SELL XAU/USD at: $3,295 – $3,300
🎯 TP: 40/80/200 pips
❌ SL: $3,305
🔺 BUY XAU/USD at: $3,255 – $3,260
🎯 TP: 40/80/200 pips
❌ SL: $3,245
