Yesterday, we noted that gold was attempting a recovery from the Support Zone but remained below both the 50 and 200 MAs, meaning bearish pressure was still intact.
Since then, price has broken and held above $3,298, and is now trading around $3,330, just beneath the 200MA.
This marks a shift in short-term momentum — gold has reclaimed the 50MA and is now challenging the 200MA.
If bulls manage to break and hold above the $3,327 resistance, it could open the path toward $3,352 - $3,364 and potentially higher resistance zones.
However, if price rejects the 200MA and fails to hold above $3,327, we may see a pullback toward $3,298 or deeper into $3,270, where bulls could look to reload.
📌 Key Levels to Watch:
Resistance:
$3,327 • $3,364 • $3,383 • $3,400
Support:
$3,298 • $3,270 • $3,241
🧠 Fundamental Focus:
📌 Fed Chair Powell speaks today at the ECB Forum in Portugal.
Markets will closely watch for any shift in tone on inflation or rate outlook. His comments may influence USD direction and gold volatility.
📌 ISM Manufacturing PMI – a key gauge of economic activity. A strong print may pressure gold; a weak reading could support it.
📌 JOLTS Job Openings – offers insight into labor market strength. A tighter market could delay rate cuts and weigh on gold.
With multiple risk events packed into today, expect increased volatility across the board.
Since then, price has broken and held above $3,298, and is now trading around $3,330, just beneath the 200MA.
This marks a shift in short-term momentum — gold has reclaimed the 50MA and is now challenging the 200MA.
If bulls manage to break and hold above the $3,327 resistance, it could open the path toward $3,352 - $3,364 and potentially higher resistance zones.
However, if price rejects the 200MA and fails to hold above $3,327, we may see a pullback toward $3,298 or deeper into $3,270, where bulls could look to reload.
📌 Key Levels to Watch:
Resistance:
$3,327 • $3,364 • $3,383 • $3,400
Support:
$3,298 • $3,270 • $3,241
🧠 Fundamental Focus:
📌 Fed Chair Powell speaks today at the ECB Forum in Portugal.
Markets will closely watch for any shift in tone on inflation or rate outlook. His comments may influence USD direction and gold volatility.
📌 ISM Manufacturing PMI – a key gauge of economic activity. A strong print may pressure gold; a weak reading could support it.
📌 JOLTS Job Openings – offers insight into labor market strength. A tighter market could delay rate cuts and weigh on gold.
With multiple risk events packed into today, expect increased volatility across the board.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.