Gold Technical Analysis - Bearish Reversal Confirmed?Gold (XAU/USD) is trading around $3,270 area, exhibiting a bearish trend influenced by technical breakdowns and macroeconomic factors. Gold is currently under pressure, with technical and fundamental factors aligning to suggest potential for further declines. Traders should monitor key support levels and upcoming economic data releases for signs of a reversal or continuation of the bearish trend.
📉 Technical Analysis
Gold has declined from recent highs near $3,370 , indicating a loss of bullish momentum.
The price has broken below the $3,280–$3,295 support zone, now acting as resistance, suggesting potential for further downside.
Key Support and Resistance Levels:
Resistance:
$3,280–$3,295: Immediate resistance zone.
$3,300–$3,310: Critical resistance area; a breakout above could indicate a bullish reversal.
Support:
$3,240–$3,245: Current support zone; a drop below may lead to further declines.
$3,200: Psychological support level; breaching this could accelerate bearish momentum.
🌐 Fundamental Factors
The U.S. dollar has strengthened due to the Federal Reserve's cautious stance on rate cuts, making gold less attractive as a non-yielding asset.
Economic Data:
Upcoming U.S. GDP and PCE data releases are anticipated to influence gold prices, with strong data potentially exerting further downward pressure.
Note
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