Current Price: $3,658
Resistance: $3,672
Support: $3,628
Bias: Short from $3,660–$3,668 | Target: $3,630
Fundamental Insight:
The U.S. Federal Reserve announced a 25 basis point rate cut, which was widely anticipated and already priced into the market. As a result, gold initially lacked any bullish momentum post-decision.
What changed the sentiment is the lack of dovish forward guidance from Fed Chair Jerome Powell. He did not signal any further rate cuts for the upcoming October meeting, which led to:
A strengthening U.S. dollar
Weakening demand for gold as a non-yielding asset
A shift in short-term sentiment to risk-off for precious metals
This macro backdrop aligns well with the potential for a near-term correction in gold prices.
Technical Analysis:
Resistance Zone: $3,668–$3,672
This area has historically acted as a short-term supply zone. Price action shows signs of rejection near this level.
Support Zone: $3,630–$3,628
A significant demand zone from recent sessions, and a possible target for short setups.
Price Action Strategy:
Currently, the price is consolidating below the $3,660 resistance area. A potential liquidity grab up to $3,668 could be the last push before a bearish move.
Bearish Setup (My Trade Plan):
I am favoring short entries from the $3,660–$3,668 zone, with tight stops above $3,672.
Target: $3,630, potentially lower if momentum builds.
Sentiment & Volume:
Declining bullish volume near resistance
RSI and MACD on lower timeframes are showing bearish divergence
Dollar Index (DXY) strength adds to gold's downside pressure
Resistance: $3,672
Support: $3,628
Bias: Short from $3,660–$3,668 | Target: $3,630
Fundamental Insight:
The U.S. Federal Reserve announced a 25 basis point rate cut, which was widely anticipated and already priced into the market. As a result, gold initially lacked any bullish momentum post-decision.
What changed the sentiment is the lack of dovish forward guidance from Fed Chair Jerome Powell. He did not signal any further rate cuts for the upcoming October meeting, which led to:
A strengthening U.S. dollar
Weakening demand for gold as a non-yielding asset
A shift in short-term sentiment to risk-off for precious metals
This macro backdrop aligns well with the potential for a near-term correction in gold prices.
Technical Analysis:
Resistance Zone: $3,668–$3,672
This area has historically acted as a short-term supply zone. Price action shows signs of rejection near this level.
Support Zone: $3,630–$3,628
A significant demand zone from recent sessions, and a possible target for short setups.
Price Action Strategy:
Currently, the price is consolidating below the $3,660 resistance area. A potential liquidity grab up to $3,668 could be the last push before a bearish move.
Bearish Setup (My Trade Plan):
I am favoring short entries from the $3,660–$3,668 zone, with tight stops above $3,672.
Target: $3,630, potentially lower if momentum builds.
Sentiment & Volume:
Declining bullish volume near resistance
RSI and MACD on lower timeframes are showing bearish divergence
Dollar Index (DXY) strength adds to gold's downside pressure
Trade active
TARGET 1 HIT SUCCESSFULLY Trade closed: target reached
close 
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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.
expert analyst focused on major indexes like BTC, GOLD AND EURUSD... JOIN my telegram channel for premium insights... t.me/+K7oArKvwU38xZDc0
t.me/+K7oArKvwU38xZDc0
t.me/+K7oArKvwU38xZDc0
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.