Gold Trading Plan: Holding Steady Ahead of Key Data📊 Market Context
Gold is trading steady around $3,760 in early Wednesday’s Asian session.
Traders continue to price in expectations of two more Fed rate cuts (October & December) after the 25 bps cut earlier this month.
The US PCE inflation report for August, due Friday, will be the key event that could set the tone for gold’s next big move.
With strong bullish sentiment intact but near-term correction risks in play, today’s focus will be on reaction levels within the Fibonacci zones.
🔢 Technical Levels (Chart H1)
🔴 Resistance / SELL Zone
3,829–3,838 (Fibo 1.5–1.618) → Strong reaction zone where price could face rejection and trigger a pullback.
🟡 Intermediate Resistance
3,777 (50% retracement of short-term correction) → Minor supply area to watch.
🟢 Support Zones / BUY Areas
3,735–3,740 → Short-term support, key for uptrend continuation.
3,710–3,700 (Fibo 50–60% retracement) → Important bullish reaction point, high-probability buy zone if tested.
📈 Trade Scenarios
1️⃣ Bullish Continuation Setup
BUY: Look for confirmation at 3,735–3,740 or deeper support 3,710–3,700.
Targets: 3,777 → 3,829–3,838.
Stop Loss: Below 3,690 to protect against deeper correction.
2️⃣ Countertrend SELL Setup
SELL: Enter shorts only at 3,829–3,838 with strong rejection signals.
Targets: 3,777 → 3,740.
Risk Note: Treat as a tactical short within a larger bullish bias.
⚠ Key Notes
Expect sideways-to-bullish bias until Friday’s US PCE inflation report sparks higher volatility.
Use smaller sizing near resistance and confirm entries with candlestick signals.
Avoid mid-range trades between 3,760–3,777 to reduce noise risk.
💬 Community Discussion
📊 Will gold test the upper reaction zone at 3,829–3,838 before PCE data, or dip to the 3,710 buy zone first? Share your charts and strategies in the comments!
