Gold is showing strength after touching a key demand zone near $3,200. Is this the beginning of a bullish reversal, or just a dead cat bounce? Here’s what I’m watching closely.
Chart Breakdown (4H TF – OANDA):
Current Price: $3,206.29
Demand Zone: $3,124 – $3,200 (orange box)
Resistance Levels:
First: $3,308 – prior resistance and price pivot zone
Second: $3,454 – high-volume supply zone, price was rejected heavily here in the past
Bullish Signals:
Price bounced strongly from the demand zone, showing buyer interest.
Long lower wicks indicate rejection of lower prices near $3,200.
Arrows on chart highlight potential upside targets if bullish momentum continues.
Trade Setup:
Buy Opportunity: Look for price to hold above $3,200 and build momentum.
Short-Term Target: $3,308
Extended Target: $3,454 if bullish pressure sustains.
Fundamentals to Watch:
U.S. data events incoming (as marked on chart) – potential catalysts for volatility.
USD strength/weakness will directly impact XAU/USD momentum.
My Bias:
Bullish as long as $3,200 holds. I’ll look for confirmation candles and volume support before entering long. If price breaks below $3,124, bias shifts to bearish.
What do you think – is gold ready to fly or will sellers return?
Drop your thoughts in the comments and don’t forget to follow for daily chart updates!
Chart Breakdown (4H TF – OANDA):
Current Price: $3,206.29
Demand Zone: $3,124 – $3,200 (orange box)
Resistance Levels:
First: $3,308 – prior resistance and price pivot zone
Second: $3,454 – high-volume supply zone, price was rejected heavily here in the past
Bullish Signals:
Price bounced strongly from the demand zone, showing buyer interest.
Long lower wicks indicate rejection of lower prices near $3,200.
Arrows on chart highlight potential upside targets if bullish momentum continues.
Trade Setup:
Buy Opportunity: Look for price to hold above $3,200 and build momentum.
Short-Term Target: $3,308
Extended Target: $3,454 if bullish pressure sustains.
Fundamentals to Watch:
U.S. data events incoming (as marked on chart) – potential catalysts for volatility.
USD strength/weakness will directly impact XAU/USD momentum.
My Bias:
Bullish as long as $3,200 holds. I’ll look for confirmation candles and volume support before entering long. If price breaks below $3,124, bias shifts to bearish.
What do you think – is gold ready to fly or will sellers return?
Drop your thoughts in the comments and don’t forget to follow for daily chart updates!
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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.