On the H1 chart, gold shows clear weakness after failing to sustain bullish momentum. The “Bulls Break Down” phase occurred with a strong rejection around 3,674 – 3,680 USD/oz, which has now turned into a key short-term resistance zone.
Key Support & Resistance Levels
Immediate Resistance: 3,674 – 3,680 USD/oz (Stop Loss zone for short positions).
Minor Resistance (now supply): 3,648 – 3,650 USD/oz.
Immediate Support: 3,643 USD/oz.
Deeper Support: 3,622 – 3,625 USD/oz.
Trading Strategies
Main short-term trend: Bearish.
Price has broken the previous bullish structure and is forming a downside wave with minor pullbacks toward resistance zones.
Scenario 1 – Sell on pullback (preferred):
Entry: 3,656 – 3,660 USD/oz upon retest.
Stop Loss: above 3,675 USD/oz.
Take Profit: 3,643 USD/oz (TP1), extended to 3,622 USD/oz (TP2).
Scenario 2 – Countertrend Buy (high risk, less favorable):
Only valid if price holds above 3,643 USD/oz with clear bullish reversal candles.
Take Profit: 3,660 – 3,670 USD/oz.
Stop Loss: below 3,638 USD/oz.
Technical Confluence
EMA: Price is trading below short-term EMAs, confirming bearish pressure.
RSI (H1): Trending lower, not yet oversold, leaving room for further downside.
Fibonacci Retracement: The 3,674 USD level aligns with the 61.8% retracement, strengthening the bearish rejection.
– In summary, gold is leaning bearish intraday, with a preference for short positions on pullbacks. A clean break below 3,643 USD/oz would open the door to 3,622 USD/oz.
