On the H1 chart, gold (XAUUSD) has shown a strong recovery from the support zone at 3315 – 3320 USD/oz, which has been tested multiple times, and is now approaching the critical resistance area around 3390 – 3400 USD/oz. The current price structure signals a clear short-term bullish trend.
1. Key Support & Resistance Levels
Near-term support: 3370 – 3365 (aligned with EMA20 and recent pullback zone).
Major support: 3350 (confluence with Fibonacci 38.2% of the latest upward swing).
Immediate resistance: 3390 – 3400 (previous swing high, psychological round number).
Extended resistance: 3410 – 3420 (Fibonacci 127.2% extension).
2. Technical Indicators
EMA20 & EMA50: Price is holding firmly above both moving averages, confirming the short-term bullish structure.
RSI (H1): Currently oscillating around 60 – 65, showing bullish momentum but still leaving room for further upside.
Price Action: Higher lows have been established, forming a consolidation pattern that suggests a potential breakout to the upside.
3. Trading Strategies
Scenario 1: Buy on Dip (Preferred)
Entry: 3370 – 3375 (if price retests support with bullish confirmation).
Stop Loss: Below 3355.
Target 1: 3390.
Target 2: 3400 – 3410.
Scenario 2: Breakout Buy
Entry: Buy stop above 3392 – 3395.
Stop Loss: Below 3375.
Target: 3410 – 3420.
Scenario 3: Short-term Countertrend Sell (High Risk)
If price fails to break above 3390 – 3400 and shows clear reversal signals, consider a scalp sell toward 3365 – 3355.
However, this setup should be traded with smaller positions as the primary trend remains bullish.
4. Conclusion
Gold is maintaining a short-term bullish trend with upside targets at 3390 – 3400 USD, and a successful breakout could extend gains to 3410 – 3420 USD. The main strategy for today is buying the dips in alignment with the trend. Countertrend sells should only be considered for quick scalps with strict risk management.
– Watch the 3390 – 3400 zone closely, as it will determine the next bullish leg. Save this analysis if you find it useful for your upcoming sessions.
