On the H1 chart, Gold continues its bearish momentum after breaking below the 3322 – 3325 support zone. Selling pressure remains strong with high volume, confirming that bears are still in control.
1. Main Trend
EMA 50 – 100 – 200: Price trades below all major EMAs, confirming a short-term to mid-term downtrend.
Downtrend line: Intact and respected, no breakout signals yet.
Volume: Increasing on bearish candles, showing strong selling momentum.
2. Key Resistance Levels
3345 – 3350: Confluence zone of EMA200 + recent swing high, acting as a major resistance.
3338 – 3340: Minor supply area aligned with EMA100.
=> These zones are ideal for trend-following short entries if price retraces higher.
3. Key Support Levels
3310 – 3315: Immediate support, currently being tested.
3295 – 3300: Strong psychological level, may trigger a bullish reaction.
If broken, downside could extend towards 3275 – 3280.
4. Trading Strategies
Primary Strategy (Sell the rally): Short near 3338 – 3345, stop loss above 3355, targets at 3310 – 3300, extended target 3280.
Breakout Strategy: If 3310 is broken with strong volume, sell breakout aiming for 3295 – 3280.
Counter-trend Buy: Only consider long around 3295 – 3300 if bullish reversal patterns appear + RSI confirms oversold (<30).
5. Technical Indicators
RSI (H1): Approaching oversold territory, suggesting possible short-term pullback.
Fibonacci: 3340 – 3345 aligns with 38.2% retracement of the latest bearish leg, strengthening resistance.
– Conclusion: Gold remains in a bearish structure. Priority should be selling from resistance zones, while carefully watching price action around 3310 and 3295 for potential reactions.
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