On the H1 timeframe, Gold (XAUUSD) continues to trade within a strong bullish structure. After forming a bullish flag pattern, price successfully broke out and extended toward the resistance zone at 3,585 – 3,590 USD/oz, where sellers stepped in to lock profits, leading to the current pullback.
Technical Outlook
Trendline & Price Structure
The dominant bias remains uptrend, confirmed by higher highs and higher lows.
The rising trendline from the 3,480 region is still intact, supporting bullish momentum.
Fibonacci Retracement
Measuring the breakout leg from 3,540 → 3,590:
Fibo 0.382 ≈ 3,570 USD → first support zone.
Fibo 0.618 ≈ 3,555 USD → stronger support.
EMA & Momentum
EMA20 and EMA50 on H1 are sloping upward, showing continuation bias.
RSI has cooled down from overbought, suggesting potential consolidation before another move higher.
Key Levels
Resistance: 3,585 – 3,590 (local top), extended to 3,610 – 3,620.
Support: 3,570 (Fibo 0.382), 3,555 (Fibo 0.618), extended to 3,540 (trendline confluence).
Trading Strategies
Buy on dip (trend-following):
Look for entries around 3,555 – 3,570.
Stop loss: below 3,540.
Targets: 3,590 – 3,610, extended toward 3,620.
Short-term Sell (counter-trend):
If price rejects strongly at 3,590, scalpers may consider a pullback trade toward 3,570 – 3,555.
Note: Counter-trend setups carry higher risk, use tight stops.
Conclusion: Gold remains in an intraday bullish trend. Current pullback is likely a healthy retest before buyers regain control toward the 3,600+ zone. Best setups remain buying dips at key support zones with proper risk management.
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