Current Price: $3,043
Resistance Zone: ~$3,041–$3,045 (major historical level)
Indicators: Bollinger Bands (BB 20, 2)
🔍 Key Observations:
1. Major Resistance Hit
Price has aggressively rallied to test major resistance (previous support-turned-resistance).
There's a sharp rejection or hesitation zone marked by a large red arrow — suggesting a possible reversal or consolidation.
2. Bollinger Band Squeeze/Breakout
Price is hugging the upper Bollinger Band, showing high momentum.
However, when price rides the upper band for too long without volume continuation, it may snap back to the mean (20-SMA), which lies around $3,002.
3. Potential Scenarios:
📉 Scenario 1: Rejection
If price fails to break and hold above $3,045:
Expect a pullback to $3,020–$3,010 and possibly to $3,002.
Bearish confirmation would be a strong red candle with volume near resistance.
📈 Scenario 2: Bullish Breakout
If the price consolidates above $3,045, especially with a breakout candle:
We could see a rally to $3,065 and then $3,080+.
Look for volume confirmation and retest of resistance as support.
📰 Fundamental Factors to Watch (April 9, 2025):
🔴 High-Impact Events Today:
US CPI Inflation Data – Scheduled Today
🔥 Biggest mover for gold, forex, and indices.
If inflation is hotter than expected: 🡆 Hawkish Fed 🡆 Dollar up 🡆 Gold down
If inflation cools: 🡆 Dovish Fed 🡆 Dollar down 🡆 Gold up
FOMC Member Speeches / Fed Outlook
Hawkish tone = bearish for gold.
Dovish tone = bullish for gold.
Bond Yields & DXY (US Dollar Index)
Gold has a strong inverse correlation with both.
Rising yields or a stronger dollar will likely pressure gold downward.
⚠️ Trading Sentiment Summary:
"Gold is either going to knock down that resistance door or bounce off it like a kid running into a screen door in summer. Today’s CPI data will decide if it’s flying high or face-planting back to $3,000."
Resistance Zone: ~$3,041–$3,045 (major historical level)
Indicators: Bollinger Bands (BB 20, 2)
🔍 Key Observations:
1. Major Resistance Hit
Price has aggressively rallied to test major resistance (previous support-turned-resistance).
There's a sharp rejection or hesitation zone marked by a large red arrow — suggesting a possible reversal or consolidation.
2. Bollinger Band Squeeze/Breakout
Price is hugging the upper Bollinger Band, showing high momentum.
However, when price rides the upper band for too long without volume continuation, it may snap back to the mean (20-SMA), which lies around $3,002.
3. Potential Scenarios:
📉 Scenario 1: Rejection
If price fails to break and hold above $3,045:
Expect a pullback to $3,020–$3,010 and possibly to $3,002.
Bearish confirmation would be a strong red candle with volume near resistance.
📈 Scenario 2: Bullish Breakout
If the price consolidates above $3,045, especially with a breakout candle:
We could see a rally to $3,065 and then $3,080+.
Look for volume confirmation and retest of resistance as support.
📰 Fundamental Factors to Watch (April 9, 2025):
🔴 High-Impact Events Today:
US CPI Inflation Data – Scheduled Today
🔥 Biggest mover for gold, forex, and indices.
If inflation is hotter than expected: 🡆 Hawkish Fed 🡆 Dollar up 🡆 Gold down
If inflation cools: 🡆 Dovish Fed 🡆 Dollar down 🡆 Gold up
FOMC Member Speeches / Fed Outlook
Hawkish tone = bearish for gold.
Dovish tone = bullish for gold.
Bond Yields & DXY (US Dollar Index)
Gold has a strong inverse correlation with both.
Rising yields or a stronger dollar will likely pressure gold downward.
⚠️ Trading Sentiment Summary:
"Gold is either going to knock down that resistance door or bounce off it like a kid running into a screen door in summer. Today’s CPI data will decide if it’s flying high or face-planting back to $3,000."
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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.
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.