🏛 1. Current Market Structure
📈 After a strong upward impulse, gold has now pulled back into a Bull OTE zone, aligned with a key trendline acting as a dynamic support.
📐 This setup could indicate a potential bullish rebound, especially if the market views this pullback as a healthy retracement before a larger continuation.
🌍 2. Bigger Picture Outlook
🔍 The recent rejection at the Bear OTE highlights the presence of strong supply at higher levels.
⚠️ However, the current bounce from the Bull OTE could either be the start of a larger bullish leg targeting the Bear OTE again – or just a technical bounce before a deeper correction, especially if the FED hints at rate cuts in June or July.
🔍 3. Key Technical Observations
🟦 Bear OTE: Clear rejection, confirming this as a key resistance for now.
🟦 Bull OTE: Providing initial support, coupled with a trendline bounce, adding confluence for a potential move up.
📐 Trendline Support: Critical for maintaining the current bullish structure, a break here could signal a deeper retracement.
🎯 4. Short-Term Expectations
📉 Bearish Scenario:
Rejection from the Bull OTE
Break below the trendline
Deeper pullback towards the Supply Zone or even the 50% retracement level
📈 Bullish Scenario:
Clean break above the Bull OTE
Retest of the Bear OTE (~$3,500)
Possible breakout if volume supports the move
🔥 5. Upcoming Catalysts
🕰 FED rate decision in June/July – potential rate cuts could shift sentiment.
💰 Inflation and economic data: Key drivers for gold’s short-term direction.
🔎 Volume and order flow: Crucial to confirm any true breakout.
✅ Conclusion
👉 Gold is at a critical junction, testing a Bull OTE with a supporting trendline – a key moment for determining the next major leg.
📍 Key levels to watch:
Bear OTE (~$3,500)
Bull OTE (~$3,300 - $3,320)
Trendline support – a break here could invalidate the bullish thesis
⏳ As always, stay alert for fakeouts and liquidity grabs around these levels.
📈 After a strong upward impulse, gold has now pulled back into a Bull OTE zone, aligned with a key trendline acting as a dynamic support.
📐 This setup could indicate a potential bullish rebound, especially if the market views this pullback as a healthy retracement before a larger continuation.
🌍 2. Bigger Picture Outlook
🔍 The recent rejection at the Bear OTE highlights the presence of strong supply at higher levels.
⚠️ However, the current bounce from the Bull OTE could either be the start of a larger bullish leg targeting the Bear OTE again – or just a technical bounce before a deeper correction, especially if the FED hints at rate cuts in June or July.
🔍 3. Key Technical Observations
🟦 Bear OTE: Clear rejection, confirming this as a key resistance for now.
🟦 Bull OTE: Providing initial support, coupled with a trendline bounce, adding confluence for a potential move up.
📐 Trendline Support: Critical for maintaining the current bullish structure, a break here could signal a deeper retracement.
🎯 4. Short-Term Expectations
📉 Bearish Scenario:
Rejection from the Bull OTE
Break below the trendline
Deeper pullback towards the Supply Zone or even the 50% retracement level
📈 Bullish Scenario:
Clean break above the Bull OTE
Retest of the Bear OTE (~$3,500)
Possible breakout if volume supports the move
🔥 5. Upcoming Catalysts
🕰 FED rate decision in June/July – potential rate cuts could shift sentiment.
💰 Inflation and economic data: Key drivers for gold’s short-term direction.
🔎 Volume and order flow: Crucial to confirm any true breakout.
✅ Conclusion
👉 Gold is at a critical junction, testing a Bull OTE with a supporting trendline – a key moment for determining the next major leg.
📍 Key levels to watch:
Bear OTE (~$3,500)
Bull OTE (~$3,300 - $3,320)
Trendline support – a break here could invalidate the bullish thesis
⏳ As always, stay alert for fakeouts and liquidity grabs around these levels.
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.