Gold Drops to 3,284 – Short-Term Support at Risk📊 Market Overview
Gold fell sharply this morning to $3,284/oz amid a modest USD rebound and profit-taking pressure following several range-bound sessions. The lack of fresh catalysts also contributed to weaker momentum.
📉 Technical Analysis
• Key Resistance: 3,315 – 3,330
• Nearest Support: 3,280 – 3,275
• EMA 09: Price is currently trading below the EMA 09 on both the H1 and H4 timeframes → short-term bearish signal
• Candle Patterns & Momentum:
– H1 candle shows a bearish engulfing pattern near the 3,305 area → confirms downward pressure
– RSI is below 45, MACD has crossed below its signal line → bearish momentum dominant
– If the 3,275 level is breached, gold could continue to fall toward 3,260
📌 Outlook
Gold is leaning toward further downside unless it can hold above the 3,280 support level during today’s session.
💡 Trade Strategy
🔻 SELL XAU/USD at: 3,295 – 3,398
🎯 TP: 40/80/200 PIPS
❌ SL: 3,305
🔺 BUY XAU/USD at: 3,275 – 3,278
🎯 TP: 40/80/200 PIPS
❌ SL: 3,269
