Gold (XAUUSD) – Intraday Analysis: Resistance Rejection and Pullback Scenario
Gold has been trading in a strong uptrend channel since late August, but today’s price action is showing the first signs of exhaustion. On the H1 timeframe, price reached a key resistance zone around 3,670 – 3,680 USD/oz and immediately rejected, breaking out of the rising channel. This signals a potential short-term pullback.
Key Technical Levels Resistance:
3,670 – 3,680 (major rejection zone).
If bulls manage to break above, the next upside target will be 3,720 – 3,750.
Support:
3,600 (psychological level + EMA20 H1).
3,540 – 3,550 (recent swing low + Fibonacci 0.382).
3,500 (major support with confluence at Fibonacci 0.5).
Trading Strategies Bearish Setup (preferred intraday scenario):
Look for short positions if price fails to reclaim 3,670 – 3,680.
Entry zone: 3,635 – 3,650.
Targets: 3,600 → 3,550 → 3,500.
Stop loss: above 3,685.
Bullish Setup (alternative scenario):
Consider longs only if price holds firmly above 3,600 and shows reversal signals.
Entry: 3,600 – 3,610.
Target: 3,660 – 3,670.
Stop loss: below 3,590.
Indicator Confirmation EMA20 vs EMA50 (H1): a bearish cross will strengthen the pullback outlook.
RSI (H1): already leaving overbought territory, supporting a correction.
Fibonacci retracement: 3,550 and 3,500 are crucial pullback levels to watch.
Conclusion: Gold is showing rejection at the 3,670 resistance area, with high probability of a pullback toward 3,600 – 3,550. Short setups remain favorable, but traders should stay flexible in case bulls defend 3,600 strongly.
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