1. Overall Trend
On the H1 timeframe, gold is in a clear downtrend after failing to hold the resistance zone at 3,379 – 3,385. The EMA9 has crossed below EMA20, confirming short-term bearish pressure. Strong selling volume in recent candles indicates sellers are currently in control.
2. Key Support & Resistance Levels
Near-term resistance: 3,367 – 3,368 (EMA9 + descending trendline)
Major resistance: 3,379 – 3,385 (previous supply zone + 0.382 Fibonacci retracement)
Near-term support: 3,357 – 3,353 (recent local low)
Target support: 3,333 – 3,332 (0.618 Fibonacci retracement + strong demand zone)
3. Price Action & Pattern
Price has formed a Break & Retest pattern on the descending trendline.
The downside target is set around 3,332, with a potential R:R ratio of ~3.23 for short positions.
High selling volume suggests price may continue testing deeper support levels before any significant rebound.
4. Intraday Trading Strategies
Sell setup: Look for short entries when price pulls back to 3,367 – 3,368, SL above 3,379, TP at 3,333.
Buy setup (scalping): Consider buys only if price tests 3,332 and shows clear bullish reversal signals with declining sell volume.
Maintain strict risk management with R:R ≥ 1:2 and avoid FOMO during high volatility.
5. Conclusion
Gold remains biased to the downside in the short term, with 3,367 – 3,368 acting as the key decision zone for potential continuation shorts. Patience and confirmation signals are crucial for maximizing profit potential.
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