1. Overall Trend
After a strong bullish impulse, gold has completed a harmonic structure (likely a Bearish Gartley / AB=CD) with a clear FVG zone around point C-D. Price recently tested the 3420-3422 resistance and rejected strongly, confirming a short-term correction phase.
For intraday perspective, gold is likely to enter a pullback move to the downside before deciding the next trend.
2. Key Levels to Watch
Resistance:
3420 – 3425 (recent swing high + Fibonacci extension).
3435 – 3440 (major resistance; if broken, the bullish trend may extend further).
Support:
3380 – 3385 (first key support, confluence with FVG + 0.5 fib retracement).
3366 – 3370 (harmonic D-point support).
3350 (psychological support, stronger downside if broken).
3. Technical Indicators
EMA: Short-term EMA (20) is still sloping upward, but price is retesting it – a break may trigger further downside.
RSI (H1): Bearish divergence is forming (price making higher highs while RSI lags).
Volume: Selling pressure increased significantly at the 3420 rejection zone.
4. Intraday Trading Strategy
Short Setup (Primary):
Entry: 3410 – 3415 on pullbacks.
Stop Loss: Above 3425.
Take Profit 1: 3385.
Take Profit 2: 3370.
Buy Setup (Countertrend at Support):
Entry: 3370 – 3380 if price holds with bullish confirmation.
Stop Loss: Below 3350.
Take Profit 1: 3400.
Take Profit 2: 3420.
5. Conclusion
Gold is showing clear rejection at 3422, signaling possible continuation of a short-term pullback. Intraday traders may prioritize short positions from resistance and look for buy opportunities only at strong supports.
Risk management is crucial here, as price is trading in the middle of the range and volatility may sweep stops before the next decisive move.
– Keep a close eye on 3380 – 3385 support zone, as it will be the key level that decides whether buyers step back in or sellers take control.
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