Yesterday, gold dipped to the 2950 support zone, still under bearish pressure. However, the market did not enter into an extreme one-sided sell-off. Instead, an intraday rebound suggested that short-term buying interest is beginning to emerge.
Following last week's and yesterday’s sharp correction, the 1-hour technical structure has started to show early signs of a potential bottom. While a retest of the 2960–2950 area in the near term cannot be ruled out, the broader price action now supports the technical conditions for a medium- to short-term rebound.
Currently, gold is stabilizing around the 2980-2960 level. Even if additional bearish pressure emerges, the maximum downside support is expected in the 2919–2888 range. This suggests a likely transition into a low-level consolidation and base-building phase, rather than a continued steep decline.
From a technical perspective, the 3100 zone is a key corrective target for this pullback. The market may gradually move higher to complete a structure recovery, offering a limited-risk, clearly defined opportunity for the bulls.
📌 Key intraday resistance levels:
3018 → 3037 → 3058 → 3079
📌 Trading Strategy for Today:
🟢 Buy Zone: 2976 – 2948
🔴 Sell Zone: 3048 – 3062
🔁 Scalp/Range Zone: 3032 – 2998
Following last week's and yesterday’s sharp correction, the 1-hour technical structure has started to show early signs of a potential bottom. While a retest of the 2960–2950 area in the near term cannot be ruled out, the broader price action now supports the technical conditions for a medium- to short-term rebound.
Currently, gold is stabilizing around the 2980-2960 level. Even if additional bearish pressure emerges, the maximum downside support is expected in the 2919–2888 range. This suggests a likely transition into a low-level consolidation and base-building phase, rather than a continued steep decline.
From a technical perspective, the 3100 zone is a key corrective target for this pullback. The market may gradually move higher to complete a structure recovery, offering a limited-risk, clearly defined opportunity for the bulls.
📌 Key intraday resistance levels:
3018 → 3037 → 3058 → 3079
📌 Trading Strategy for Today:
🟢 Buy Zone: 2976 – 2948
🔴 Sell Zone: 3048 – 3062
🔁 Scalp/Range Zone: 3032 – 2998
Note
3018Trade active
Gold is now approaching the 3100 level, where resistance is expected, but the overall trend still favors the bulls.The recommended strategy is buy low, sell high within the range:
🟢 3058–3044 zone: Consider building long positions
🔴 3088–3109 zone: Short-term resistance, suitable for light short positions – quick in and out
⚠️ Manage your positions carefully, avoid chasing spikes or panic-selling. Market is volatile – stay flexible.
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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.