On the H1 timeframe, gold has bounced strongly from the 3,315 – 3,320 support zone and is now retesting the key 3,390 – 3,400 resistance area, which has acted as a strong supply zone in previous sessions.
1. Trend Outlook
The market structure is showing higher highs and higher lows, indicating bullish momentum in the short term.
EMA20 is sloping upward, confirming alignment with the current trend.
RSI remains in the mid-zone, leaving room for continuation if a breakout occurs.
2. Key Technical Levels
Immediate resistance: 3,390 – 3,400
Extended resistance: 3,410 – 3,420 (Fib 161.8 of the recent swing)
Near-term support: 3,370 – 3,375
Major support: 3,345 – 3,350
3. Trading Scenarios
Scenario 1: Bullish breakout
A clean breakout above 3,400 with momentum may extend the rally towards 3,410 – 3,420. Stop-loss can be placed below 3,375.
Scenario 2: Technical pullback
If price fails to clear 3,390 – 3,400, a pullback towards 3,370 – 3,375 is likely before the next upside attempt. This area can provide a dip-buying opportunity.
Scenario 3: Bearish reversal
A break below 3,345 – 3,350 would invalidate the short-term bullish structure, opening the way back to 3,320.
4. Intraday Strategy
Primary bias: Buy the dip near 3,370 – 3,375 or enter on a confirmed breakout above 3,400.
Risk management: Maintain a minimum R:R of 1:2 and avoid chasing the price without confirmation.
– Gold is now testing a critical resistance zone. Traders should closely monitor price action at 3,390 – 3,400 to gauge the next decisive move. Follow for more trading strategies and remember to save these key levels for today’s session.
