📉 Gold Technical Outlook
Gold has decisively broken a key support zone between $3,268–$3,274, now trading near the $3,210-20 level. This move comes amid a clear downtrend structure, with price action respecting a well-defined descending trendline.
🔍 Current Technical Context:
Trend: Bearish
Support Turned Resistance: $3,268–$3,274
Immediate Support: $3,210–$3,220
Resistance: Trendline and previous support zone near $3,270
A retest of the broken support zone could offer a high-risk, high-reward shorting opportunity, especially if price fails to reclaim it. However, a clean break below the $3,210–$3,220 support could trigger another aggressive selloff, with downside targets potentially extending below $3,160.
📊 Key Drivers (Geopolitical/Fundamentals)
US Dollar Strength: The USD remains firm despite mixed economic data, applying pressure on gold prices.
Geopolitical Easing: Reduced US-China tensions are weighing on safe-haven flows, as US approaches China for talks on tariffs.
Russia-Ukarine: Russia declaring cease-fire for a week.
Technical Pullback: Gold is correcting after a strong rejection from the $3,500 zone.
Profit-Taking: Recent rejection led to bearish closes as traders locked in gains.
Liquidity Considerations: With May 1 being a public holiday in many regions, lower liquidity could amplify volatility.
Event Risk Ahead: Caution prevails ahead of key macro events including Non-Farm Payrolls (NFP) and the FOMC statement.
📝 Strategy Notes:
Sell-on-Rally Zone: $3,268–$3,274 (if price retests and rejects)
Bearish Continuation Trigger: Break and close below $3,210
Invalidation for Bears: Sustained reclaim of $3,274 and a break above the trendline
Stay nimble and monitor for reactions around the highlighted zones as event-driven volatility can cause swift moves.
Gold has decisively broken a key support zone between $3,268–$3,274, now trading near the $3,210-20 level. This move comes amid a clear downtrend structure, with price action respecting a well-defined descending trendline.
🔍 Current Technical Context:
Trend: Bearish
Support Turned Resistance: $3,268–$3,274
Immediate Support: $3,210–$3,220
Resistance: Trendline and previous support zone near $3,270
A retest of the broken support zone could offer a high-risk, high-reward shorting opportunity, especially if price fails to reclaim it. However, a clean break below the $3,210–$3,220 support could trigger another aggressive selloff, with downside targets potentially extending below $3,160.
📊 Key Drivers (Geopolitical/Fundamentals)
US Dollar Strength: The USD remains firm despite mixed economic data, applying pressure on gold prices.
Geopolitical Easing: Reduced US-China tensions are weighing on safe-haven flows, as US approaches China for talks on tariffs.
Russia-Ukarine: Russia declaring cease-fire for a week.
Technical Pullback: Gold is correcting after a strong rejection from the $3,500 zone.
Profit-Taking: Recent rejection led to bearish closes as traders locked in gains.
Liquidity Considerations: With May 1 being a public holiday in many regions, lower liquidity could amplify volatility.
Event Risk Ahead: Caution prevails ahead of key macro events including Non-Farm Payrolls (NFP) and the FOMC statement.
📝 Strategy Notes:
Sell-on-Rally Zone: $3,268–$3,274 (if price retests and rejects)
Bearish Continuation Trigger: Break and close below $3,210
Invalidation for Bears: Sustained reclaim of $3,274 and a break above the trendline
Stay nimble and monitor for reactions around the highlighted zones as event-driven volatility can cause swift moves.
Note
Gold could not break support, which I have mentioned, now hold tight if you have taken it for a long from 3210 till 3245 by tomorrow, I expect.
Trade active
Now, it is time to close your full position.
Trade closed: target reached
All close with 500+pips.
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✅Free Telegram
t.me/+6YQX9c4-BiQ2M2M8
Twitter 👇
twitter.com/QuinnGoldTrader
t.me/+6YQX9c4-BiQ2M2M8
Twitter 👇
twitter.com/QuinnGoldTrader
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.