5/30 Gold Analysis and Trading SignalsGood morning everyone!
Yesterday, we successfully executed short at 3290 and long at 3250, and also entered the 3316–3328 short zone near the close. All signals were hit, and profits were solid ✅.
📉 Technical Outlook:
The 1-hour chart remains in a clear bearish trend, indicating that this pullback is not yet complete.
Initial support at 3296 is very likely to break
Focus shifts to 3278 support, though it appears technically weak
If price hits 3278, a minor bounce is expected, but it's likely just a retracement, not a reversal
🗞 Fundamental Watch:
The U.S. Consumer Confidence Index will be released during the U.S. session today.
Market reaction is expected to be similar to yesterday’s initial jobless claims — possibly triggering short-term moves, but not changing the broader trend.
📈 Trade Plan for Today:
📉 Sell in the 3316–3328 zone (key resistance)
📈 Buy in the 3238–3221 zone (key support area)
🔁 Scalp/flexible trading zones:
3303 / 3288 / 3276 / 3265 / 3252 / 3238
Stick to proper risk management, and stay alert during U.S. data releases.
Trade with the trend and close the week strong!
Additionally, on the 30-minute chart, gold appears to be forming a potential inverse head and shoulders pattern. If this pattern completes and breaks the neckline successfully, the price may surge toward the 3336–3352 area, or even up to 3360.
For those considering short positions, it’s crucial to control position size and avoid entering too early. Try to wait for price action to reach higher resistance levels before making a move. Don’t worry about missing a perfect entry — even if one trade is missed, it won’t affect your overall profitability for the week.
The market always offers opportunities. Stay calm, stick to your strategy, and remember: consistency and patience lead to long-term success.
