Gold is trading around 4404 after recovering from the 4342 support. Price is now testing the 4407-4447 resistance while the descending trendline and previous swing resistance around 4480-4510 remain the major barriers for a stronger bullish breakout.
Technically the structure suggests a possible push higher into 4450-4510 but this area could attract sellers if price shows bearish rejection. A break and sustained H4 close above 4510 would invalidate the current bearish trendline setup and strengthen the bullish case. On the downside a rejection from resistance could send gold back toward 4342 followed by 4280-4241.
Fundamentally geopolitical tensions are supporting safe-haven demand but elevated yields and expectations around a possible September Fed hike remain a headwind, upcoming US PPI and CPI data could bring significant volatility.
Trade Plan – Sell Setup
Sell Zone: 4445-4510
Sell Trigger: H1-H4 bearish rejection or bearish engulfing
Targets: 4407, 4342, 4280, 4241, 4200
Invalidation: H4 close above 4510. A sustained breakout above this level would weaken the bearish setup and could open the door toward 4544-4600.
Trade Plan – Buy Setup
Buy Zone: 4280-4241
Buy Trigger: H1-H4 bullish rejection or bullish engulfing
Targets: 4342, 4407, 4427, 4446, 4480
Extended Target: 4510-4544
Invalidation: H4 close below 4241. A sustained break below this level would weaken the current bullish recovery and could expose 4200-4125.
Note
Please risk management in trading is a Key so use your money accordingly. If you like the idea then please like and boost. Thank you and Good Luck!
Technically the structure suggests a possible push higher into 4450-4510 but this area could attract sellers if price shows bearish rejection. A break and sustained H4 close above 4510 would invalidate the current bearish trendline setup and strengthen the bullish case. On the downside a rejection from resistance could send gold back toward 4342 followed by 4280-4241.
Fundamentally geopolitical tensions are supporting safe-haven demand but elevated yields and expectations around a possible September Fed hike remain a headwind, upcoming US PPI and CPI data could bring significant volatility.
Trade Plan – Sell Setup
Sell Zone: 4445-4510
Sell Trigger: H1-H4 bearish rejection or bearish engulfing
Targets: 4407, 4342, 4280, 4241, 4200
Invalidation: H4 close above 4510. A sustained breakout above this level would weaken the bearish setup and could open the door toward 4544-4600.
Trade Plan – Buy Setup
Buy Zone: 4280-4241
Buy Trigger: H1-H4 bullish rejection or bullish engulfing
Targets: 4342, 4407, 4427, 4446, 4480
Extended Target: 4510-4544
Invalidation: H4 close below 4241. A sustained break below this level would weaken the current bullish recovery and could expose 4200-4125.
Note
Please risk management in trading is a Key so use your money accordingly. If you like the idea then please like and boost. Thank you and Good Luck!
Trade active
Gold remains under bearish pressure with price moving inside a descending structure. The 4391-4407 region is the key resistance area and a rejection from this zone could resume the downside toward 4280 and 4241.
However a strong 4H close above 4407-4426 would weaken the bearish setup and could open the way for a deeper recovery.
Fundamentally gold is also facing pressure from rising US yields and increased Fed rate hike expectations ahead of US inflation data.
Key Levels to Watch:
Resistance: 4391, 4407, 4426-4445
Support: 4339, 4280, 4241
Trade closed: target reached
Target achieved successfully$170=1700 Pips Booked ($4430-$4260 Target)
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.
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.