Gold is currently trading within a clear downtrend channel, marked by lower highs and lower lows. After multiple rejections at the upper boundary of the channel, gold has begun its downward trend towards key support levels.
From a technical standpoint, the recent pullback and structural breakdown indicate that the market may continue its bearish trend. Last week's PPI data showed a 0.9% increase, exceeding expectations, which has strengthened the USD and added pressure on gold. This news reduces expectations for aggressive Fed rate cuts, further strengthening the dollar and diminishing gold's appeal as a safe-haven asset.
Looking at the chart, we can identify key support levels to monitor. The first target is around 3,311.000, with the potential to continue falling to 3,287.800 if price breaks below the near-term support at 3,310.000.
Key Levels:
Resistance: 3,355.700 (Upper boundary of the downtrend channel)
Support: 3,311.000, 3,287.800
Next Target (TP1): 3,311.000
Next Target (TP2): 3,287.800
My Advice:
With the bearish structure on the chart and the pressure from the PPI data, the outlook for gold remains to the downside. I recommend looking for short opportunities near 3,355.700, with stops above resistance and targets at 3,311.000 and 3,287.800.
From a technical standpoint, the recent pullback and structural breakdown indicate that the market may continue its bearish trend. Last week's PPI data showed a 0.9% increase, exceeding expectations, which has strengthened the USD and added pressure on gold. This news reduces expectations for aggressive Fed rate cuts, further strengthening the dollar and diminishing gold's appeal as a safe-haven asset.
Looking at the chart, we can identify key support levels to monitor. The first target is around 3,311.000, with the potential to continue falling to 3,287.800 if price breaks below the near-term support at 3,310.000.
Key Levels:
Resistance: 3,355.700 (Upper boundary of the downtrend channel)
Support: 3,311.000, 3,287.800
Next Target (TP1): 3,311.000
Next Target (TP2): 3,287.800
My Advice:
With the bearish structure on the chart and the pressure from the PPI data, the outlook for gold remains to the downside. I recommend looking for short opportunities near 3,355.700, with stops above resistance and targets at 3,311.000 and 3,287.800.
Trade closed: target reached
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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.
Top trading opportunities are waiting for you! : t.me/+TaRRH29IRysyNGJl
🔥 High-quality signals – Win rate up to 85%
📍 Accurate, verified technical analysis
⚡ Fast updates – Never miss a golden entry
🔥 High-quality signals – Win rate up to 85%
📍 Accurate, verified technical analysis
⚡ Fast updates – Never miss a golden entry
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.