Gold: Bearish Channel Persists Amid DXY ConsolidationHello everyone,
On the H1 timeframe, gold continues to trade within a clear descending channel. After a short rebound from the 3,312 USD area, the price faced resistance around 3,325 – 3,328 USD, which coincides with the 0.5 – 0.618 Fibonacci retracement and an unfilled FVG zone. Sellers have been using this region to reinforce downward pressure.
The latest green candle shows some recovery but is not strong enough to break the channel, suggesting that buying momentum remains weak. Unless gold can decisively push above 3,328 USD, the dominant scenario points to another decline toward 3,312 USD, with an extended target near 3,292 USD (aligned with the 1.618 Fibonacci extension and the lower boundary of the channel).
Looking at the DXY, the U.S. dollar index is currently moving sideways without a clear breakout, providing no major pressure on gold but also limiting its upside potential as investors remain cautious.
In terms of news flow, the market is waiting for key U.S. data this week, especially the FOMC minutes and labor figures. A stronger dollar could drive gold to fresh lows, while any signs of a more dovish stance from the Fed on interest rates may help gold stabilize at support and attempt a rebound.
What do you think—will gold hold its ground or break lower? Share your view in the comments below!
