Gold struggles within 3630–3675 range, awaiting breakout

19 set

📊 Market developments
• Yesterday, gold rebounded from 3633 to test the resistance zone at 3675 but failed, then dropped sharply to a low of 3627.
• This morning, gold recovered from that low and is now trading around 3658–3660, showing that short-term buying pressure has re-emerged.
• A stronger USD and slightly higher U.S. bond yields after the Fed meeting continue to weigh on gold, while expectations of further Fed rate cuts in the coming months prevent deeper declines.

🧭 Technical analysis
• Near resistance: 3670–3675 (key short-term barrier, repeatedly rejected).
• Major resistance: 3700 (psychological level; only a breakout would confirm a new bullish leg).
• Near support: 3630 (yesterday’s low).
• Major support: 3600–3610.
• RSI on H1/H4 has rebounded from oversold levels, signaling potential for further recovery, though momentum remains weak.

📌 Outlook
• In the short term, gold is expected to consolidate within the 3630–3675 range.
• A breakout above 3675 could open the way toward 3700.
• Failure to break 3675 would likely send prices back to retest 3630, or even lower toward 3600.

🎯 Trading strategy
• Short-term SELL: around 3670–3675, SL above 3678, TP at 3640–3630.
• Speculative BUY: around 3630–3635, SL below 3627, TP at 3665–3675.

19 set

Trade attivo

Gold is under short-term corrective pressure after failing at the 3660–3665 resistance zone, with a potential trend toward retesting the 3630 support

19 set

Trade chiuso: obiettivo raggiunto

Gold is currently stable in the 3645–3657 USD range, showing a short-term uptrend if it holds above 3645, with resistance around 3657