Gold has rebounded after the sharp decline earlier this week, but the current recovery is still facing an important resistance area near the EMA89. The latest bullish candle helped price reclaim the EMA34, yet buying pressure is still not strong enough to regain full control as the broader trend remains bearish.
Fundamentally, gold’s rebound has been supported by a weaker US Dollar, as markets increased expectations that the Fed may have more room to cut rates if US economic data continues to cool. US Treasury yields also eased slightly, allowing some capital to return to safe-haven assets such as gold.
On the H4 chart, price is now testing the $4,120–4,130 resistance zone, where the EMA89 and short-term supply area converge. As long as this zone is not broken, the current rise should still be viewed as a technical rebound within a larger downtrend. The preferred scenario is rejection from resistance followed by another correction toward $4,000.
Fundamentally, gold’s rebound has been supported by a weaker US Dollar, as markets increased expectations that the Fed may have more room to cut rates if US economic data continues to cool. US Treasury yields also eased slightly, allowing some capital to return to safe-haven assets such as gold.
On the H4 chart, price is now testing the $4,120–4,130 resistance zone, where the EMA89 and short-term supply area converge. As long as this zone is not broken, the current rise should still be viewed as a technical rebound within a larger downtrend. The preferred scenario is rejection from resistance followed by another correction toward $4,000.
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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.