On the H1 timeframe, gold is trading around 3,348 – 3,350 USD/oz after a short-term rebound from support. Price action and technical signals suggest the following:
1. Market Structure
The short-term trend remains bearish with lower highs being formed.
Price tested the EMA 100-200 resistance zone but failed to break above.
The previous gap zone has acted as an important pivot area.
2. Key Support & Resistance Levels
Immediate Resistance: 3,355 – 3,358 (EMA200 + supply zone)
Major Resistance: 3,370 – 3,380 (resistance area)
Immediate Support: 3,344 – 3,345
Strong Support: 3,330 – 3,320 (support zone aligned with Fibonacci 61.8%)
3. Technical Indicators
EMA 20-50: slightly turning upward, but still below EMA200 → suggesting only a corrective bounce.
RSI H1: around 55, showing room to move lower.
Volume: recent bullish candles lack strong volume → possible bull trap.
4. Trading Strategies
Sell Setup (trend-following):
Entry: 3,349 – 3,355
SL: above 3,370
TP1: 3,335
TP2: 3,320
Buy Setup (counter-trend at support):
Entry: 3,320 – 3,325 (support zone)
SL: 3,310
TP1: 3,340
TP2: 3,355
Outlook
Gold is still under bearish pressure as long as it trades below 3,370. Only a confirmed breakout above this zone may shift momentum to the upside.
Save these price levels for your trading plan. Follow along for more refined strategies throughout the week.
