GOLD: market at a crossroads after the impulseOn the 1H chart, gold remains in an uptrend channel, but after testing the 3545–3550 zone, a corrective pullback is possible. The red lines represent a projected head-and-shoulders scenario, but the pattern is not yet confirmed - it remains only a forecast. Key levels to watch: 3510 as initial support and 3480 as a deeper target if price breaks the channel to the downside. As long as price holds above, the broader trend remains bullish.
From a fundamental perspective , weak ADP employment data provided short-term support, yet the market reaction was muted since dovish Fed expectations are already priced in. Stronger dollar data or rising Treasury yields could put renewed pressure on gold. Fed commentary in the coming days will be crucial for market direction.
Tactical plan: monitor the 3545–3550 zone where sellers may step in. A confirmed break below 3510 opens the way to 3480, but without a completed head-and-shoulders, the move remains speculative. Gold is notorious for punishing premature shorts, so caution is warranted.
