Gold (XAU/USD) is currently trading at 3310, experiencing a sharp pullback of around 1.60% from the recent peak of 3440 📉. The price is hovering just below the 50-day Exponential Moving Average (EMA) at 3326 📊, which has acted as strong support recently 🔑. The 200-day EMA also there a bit lower at $3303, giving us more confirmation to this key support area 🔄.
The sharp decline from the $3432 resistance level suggests potential profit-taking or a broader risk-off sentiment 😬. Immediate support is seen around $3,303-$3,326, where buyers might step in 🤞.
If the price breaks below this range, we could see a deeper pullback toward the \$3,280 level 🔽. However, if the market rebounds, targets could shift toward \$3,383 or even the \$3,432 resistance once again 📈💪.
The sharp decline from the $3432 resistance level suggests potential profit-taking or a broader risk-off sentiment 😬. Immediate support is seen around $3,303-$3,326, where buyers might step in 🤞.
If the price breaks below this range, we could see a deeper pullback toward the \$3,280 level 🔽. However, if the market rebounds, targets could shift toward \$3,383 or even the \$3,432 resistance once again 📈💪.
Trade active
The market has now retested the lower trendline, indicating a potential pullback from the 3288 level. If the candle closes above this level, we can plan buy entries, with the stop loss (SL) set just below the trendline. A close above this key level would signify further bullish momentum, making it a good point to enter a long position. It’s crucial to monitor price action closely to confirm the breakout, as a failure to close above could result in a continuation of the downtrend.
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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.