Gold is currently trading between $3300 – $3310, showing signs of consolidation after recent volatility. At this level, the market is at a key inflection point, and traders should closely monitor upcoming price action for directional clues.
🔍 Key Technical Levels to Watch
Critical Resistance Level: $3340
Critical Support Level: $3340 (same level — acting as a pivot)
This price acts as a decision-making level. A clear H1 (1-hour) candle close above or below this zone will provide a potential trading direction.
📈 Bullish Scenario (Buy Setup)
Condition:
If an H1 candle closes firmly above $3340, it may signal bullish momentum gaining strength.
Trade Plan:
Entry: After a confirmed H1 close above $3340
Targets:
🎯 Target 1: $3360 – minor resistance
🎯 Target 2: $3380 – intermediate resistance
🎯 Final Target: $3400 – major resistance zone
Stop-loss: Can be placed just below $3340 or last candle low, depending on risk tolerance
Rationale:
A breakout above $3340 would indicate buyer dominance and potential for price to test higher resistance zones.
📉 Bearish Scenario (Sell Setup)
Condition:
If an H1 candle fails to hold above $3340 and closes below it, this may indicate bearish pressure.
Trade Plan:
Entry: After a confirmed H1 close below $3340
Targets:
🎯 Target 1: $3280 – previous support zone
🎯 Target 2: $3250 – deeper retracement level
🎯 Final Target: $3200 – key support zone from higher timeframes
Stop-loss: Just above $3340 or recent swing high
Rationale:
Rejection from $3340 may lead to profit-taking or fresh selling, pushing the price back toward support levels.
🔍 Key Technical Levels to Watch
Critical Resistance Level: $3340
Critical Support Level: $3340 (same level — acting as a pivot)
This price acts as a decision-making level. A clear H1 (1-hour) candle close above or below this zone will provide a potential trading direction.
📈 Bullish Scenario (Buy Setup)
Condition:
If an H1 candle closes firmly above $3340, it may signal bullish momentum gaining strength.
Trade Plan:
Entry: After a confirmed H1 close above $3340
Targets:
🎯 Target 1: $3360 – minor resistance
🎯 Target 2: $3380 – intermediate resistance
🎯 Final Target: $3400 – major resistance zone
Stop-loss: Can be placed just below $3340 or last candle low, depending on risk tolerance
Rationale:
A breakout above $3340 would indicate buyer dominance and potential for price to test higher resistance zones.
📉 Bearish Scenario (Sell Setup)
Condition:
If an H1 candle fails to hold above $3340 and closes below it, this may indicate bearish pressure.
Trade Plan:
Entry: After a confirmed H1 close below $3340
Targets:
🎯 Target 1: $3280 – previous support zone
🎯 Target 2: $3250 – deeper retracement level
🎯 Final Target: $3200 – key support zone from higher timeframes
Stop-loss: Just above $3340 or recent swing high
Rationale:
Rejection from $3340 may lead to profit-taking or fresh selling, pushing the price back toward support 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.