On the H1 timeframe, gold is showing signs of recovery after a sharp drop from the 3,385 zone. The short-term support area around 3,350-3,345 has been retested with a visible bullish reaction and long lower wicks.
1. Technical Analysis:
Fibonacci Retracement: Following the decline from 3,385 to 3,350, price is now trading around the 0.5-0.618 retracement zone, indicating a potential corrective wave to the upside.
EMA: EMA20 and EMA50 are still below EMA200, keeping the broader bias bearish. However, EMA20 is narrowing the gap with EMA50, suggesting a short-term bullish shift.
RSI: RSI on H1 has bounced from the oversold zone, supporting the recovery scenario.
Trendline: The main downtrend line has been slightly breached, which will turn more bullish if price closes above 3,360.
2. Key Support & Resistance Levels:
Support: 3,350 – 3,345 | 3,335
Resistance: 3,360 | 3,367 | 3,381 – 3,386 | 3,393
3. Trading Strategy Ideas:
Buy Scenario: If price holds above 3,350 and closes H1 above 3,360, consider buying with targets at 3,367 – 3,381.
Sell Scenario: If price fails to break 3,360 and drops below 3,345, expect further downside towards 3,335 – 3,330.
Risk Management: Stop loss below 3,343 for buys, above 3,370 for short-term sells.
Today’s bias leans towards a technical rebound before facing stronger selling pressure near upper resistance zones. Keep a close watch on price action around Fibonacci levels and EMA clusters to optimize entries. Follow for more high-quality trading strategies.
