Gold Breaks Support – Risk of Pullback Toward $3,310📊 Market Summary:
Gold prices initially rose on weaker-than-expected U.S. jobs data, which lowered Treasury yields and weakened the U.S. dollar. However, after breaking the key support at $3,365, gold continued to decline toward $3,354, and briefly touched $3,352, signaling rising technical selling pressure. Despite a 92% market expectation for a Fed rate cut in September, the technical breach increases the risk of a deeper correction.
📉 Technical Analysis:
• Key Resistance: Around $3,365–$3,370 – this zone now acts as short-term resistance; stronger resistance lies at $3,375–$3,380 if prices recover.
• Nearest Support:
The $3,365 level was broken.
New support is seen at $3,352–$3,350; a continued drop may bring prices to $3,335, and possibly toward $3,310–$3,300.
• EMA 09: Price is now below the 9-day EMA, suggesting a short-term bearish trend.
• Momentum / Volume / Candlestick:
RSI is near 50, slightly bearish; volume is tapering on the downside, indicating distribution.
Early signs of a head-and-shoulders (H&S) pattern are developing.
📌 Outlook:
Gold may continue declining in the short term if it stays below the $3,350–$3,352 zone.
A further drop toward the $3,335 – $3,310 region is possible.
If price rebounds and closes above $3,365, the bearish momentum could be neutralized.
💡 Suggested Trade Strategy:
🔻 SELL XAU/USD : $3,355–$3,358
🎯 TP: 40/80/200 pips
❌ SL: ~$3,361
🔺 BUY XAU/USD : $3,305–$3,302 (if price pulls back deeper)
🎯 TP: 40/80/200 pips
❌ SL: ~$3,299
