On the H1 timeframe:
Gold has broken out strongly from the accumulation zone around 3,370 – 3,380 USD/oz and is moving within a rising channel.
The price is now testing the key resistance zone at 3,535 – 3,540 USD/oz, which is acting as a short-term ceiling.
Short-term EMAs remain bullish, confirming upward momentum. However, RSI on H1 is entering the overbought territory, signaling a potential short-term pullback.
Fibonacci retracement of the latest leg up (3,380 → 3,535) highlights important support levels at:
3,500 USD (Fibo 23.6% + EMA confluence)
3,470 USD (Fibo 38.2%)
3,440 USD (Fibo 61.8%)
Key Levels:
Resistance: 3,535 – 3,540 | 3,560 (extension)
Support: 3,500 | 3,470 | 3,440
Intraday Trading Strategies:
Trend-following long setup:
Look for buy opportunities on a retracement to 3,500 – 3,470, targeting 3,535 – 3,560.
Stop loss below 3,440.
Counter-trend short setup:
If price fails to break above 3,540 and a reversal candlestick forms on H1, consider a short entry around 3,530 – 3,535.
Target back to 3,500 with a stop loss above 3,545.
Outlook:
The primary bias remains bullish as long as price holds above 3,470. However, the overbought condition suggests a corrective move may come before the next breakout. Traders should focus on Fibonacci zones for precise entries.
– Follow closely to catch the next move, and save these levels for your trading plan today.
