Gold (XAU/USD) Intraday Technical Analysis – H1Price Action & Trend
Gold has recently broken out of a sideways consolidation range (boxed area around 3,620–3,680 USD), showing strong bullish momentum.
The upward move peaked near the resistance zone around 3,780–3,790 USD, where selling pressure emerged.
Price is currently forming a potential ABC correction pattern:
(A) – initial retracement from the peak.
(B) – minor rebound, lower than previous highs.
(C) – projected continuation downward, suggesting further correction.
Support & Resistance Levels
Immediate Resistance: 3,780–3,790 USD (recent swing high).
Immediate Support: 3,700 USD (minor psychological level and previous consolidation top).
Key Support: 3,660–3,670 USD (near lower bound of previous consolidation box, potential ABC (C) target).
Indicators & Technical Tools
Fibonacci Retracement:
0.382 retracement aligns around 3,710–3,715 USD.
0.618 retracement aligns around 3,670 USD, matching the expected (C) target.
Volume:
Slight increase during the upward impulse, but volume has tapered during the current correction, indicating a healthy pullback rather than a trend reversal.
RSI/EMA:
Price has pulled back from overbought conditions. EMA on H1 likely supports near 3,700 USD.
Trading Strategy
Short-term Traders (Intraday):
Consider short positions near 3,750–3,760 USD if ABC (C) continues.
Targets: 3,700 USD first, then 3,670 USD.
Stop-loss: Above recent swing high at 3,780 USD.
Medium-term Traders:
Wait for completion of ABC correction before entering long positions.
Strong buying opportunity near 3,660–3,670 USD with confirmation candle patterns.
Trend-followers:
Look for break above 3,780 USD with strong volume to resume the bullish trend.
Summary:
Gold is in a corrective phase after hitting a strong resistance zone. The ABC correction suggests that price may retest support around 3,670 USD before resuming the uptrend. Fibonacci and previous consolidation levels provide clear zones for entries, stops, and profit-taking.
