Gold Rebounds After Sharp Dip – Key Support in Focus

Sep 4

📊 Market Overview:
Gold fell sharply to $3,511/oz earlier today before rebounding and is now trading around $3,530/oz. The move reflects profit-taking pressure after recent highs, followed by renewed safe-haven demand.

📉 Technical Analysis:
• Key Resistance: $3,553–3,564 (intraday high zone)
• Nearest Support: $3,526–3,530 (demand zone, EMA34/EMA89 support)
• EMA: Price is hovering near EMA34 & EMA89 → this zone is crucial for short-term direction.
• Candlestick / Momentum: Bounce from $3,511 indicates demand re-entry, but RSI is still neutral; a break below $3,526 could trigger deeper correction toward $3,500.

📌 Outlook:
Gold may continue its recovery in the short term if the $3,526–3,530 support holds. However, if price breaks below this zone, a deeper pullback toward $3,500–3,473 is likely.
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💡 Suggested Trading Strategy:

🔺 BUY XAU/USD at: $3,525–3,528
🎯 TP: 40/80/200 pips
❌ SL: $3,522
🔻 SELL XAU/USD at: $3,561–3,564
🎯 TP: 40/80/200 pips
❌ SL: $3,567

Sep 4

Trade active

Gold may continue to rise in the short term if it sustains above 3530 and breaks through the 3555 resistance zone

Sep 4

Trade closed: target reached

Short-term trend remains bullish. Holding above 3542 could open the door to retest 3560 area