🌐 Geopolitical Context
After a long standoff, the United States and China have finally reached a preliminary agreement on tariff reductions, easing one of the largest trade tensions in recent years. This move is likely to reduce market uncertainty, making risk-on assets more attractive than traditional safe havens like gold.
🗺 Market Structure Overview
On the daily chart, we clearly see a double top formation starting to take shape, likely triggered by today’s market reaction to the US-China trade news.
🔻 This structure typically indicates a potential market reversal or at least a strong retracement,
as sellers step in at a previously defined resistance.
📉 Key Technical Levels
Double Top Resistance – Currently forming around the $3,500 level, a clear psychological barrier for buyers.
Supply Zones – Multiple layers of overhead supply are visible, likely to cap any further upside.
BULL OTE – Potential deep retracement zone if the market pulls back aggressively, located around $3,000 - $3,100.
50% Retracement – Sitting near $3,200, this level could act as an intermediate support if selling pressure increases.
📊 Short-Term Outlook
For now, gold seems poised for a potential pullback, especially if the double top confirms with a clear rejection. However, the broader trend remains bullish unless the price breaks below the supply zones and the BULL OTE.
After a long standoff, the United States and China have finally reached a preliminary agreement on tariff reductions, easing one of the largest trade tensions in recent years. This move is likely to reduce market uncertainty, making risk-on assets more attractive than traditional safe havens like gold.
🗺 Market Structure Overview
On the daily chart, we clearly see a double top formation starting to take shape, likely triggered by today’s market reaction to the US-China trade news.
🔻 This structure typically indicates a potential market reversal or at least a strong retracement,
as sellers step in at a previously defined resistance.
📉 Key Technical Levels
Double Top Resistance – Currently forming around the $3,500 level, a clear psychological barrier for buyers.
Supply Zones – Multiple layers of overhead supply are visible, likely to cap any further upside.
BULL OTE – Potential deep retracement zone if the market pulls back aggressively, located around $3,000 - $3,100.
50% Retracement – Sitting near $3,200, this level could act as an intermediate support if selling pressure increases.
📊 Short-Term Outlook
For now, gold seems poised for a potential pullback, especially if the double top confirms with a clear rejection. However, the broader trend remains bullish unless the price breaks below the supply zones and the BULL OTE.
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.
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.