Gold Slips After Powell Speech Below 3320 Bearish Pressure Build
GOLD Overview
Market Context:
Gold declined from the 3333 level, as anticipated in yesterday’s analysis, ahead of Fed Chair Powell’s speech. Powell reiterated that it is still too early for rate cuts, citing persistently high inflation, which supported the U.S. dollar and pressured gold.
Technical Outlook:
As long as gold trades below the 3320–3310 zone, the bearish momentum is expected to continue, with the next target at 3285. A confirmed break and stability below 3285 could open the way toward 3255.
To regain bullish traction, the price must stabilize above 3320.
Support Levels: 3285 • 3255
Resistance Levels: 3333 • 3349
Market Context:
Gold declined from the 3333 level, as anticipated in yesterday’s analysis, ahead of Fed Chair Powell’s speech. Powell reiterated that it is still too early for rate cuts, citing persistently high inflation, which supported the U.S. dollar and pressured gold.
Technical Outlook:
As long as gold trades below the 3320–3310 zone, the bearish momentum is expected to continue, with the next target at 3285. A confirmed break and stability below 3285 could open the way toward 3255.
To regain bullish traction, the price must stabilize above 3320.
Support Levels: 3285 • 3255
Resistance Levels: 3333 • 3349
Transaction en cours
GOLD – UpdateGold Hits 3285 – Eyes on NFP
Gold followed the bearish trend outlined in yesterday’s analysis and perfectly hit the target at 3285. A short-term correction toward 3310–3320 is now likely before the bearish trend resumes.
If the price breaks below 3285 on the 1H timeframe, it could trigger a deeper move toward 3255, with further support at 3237.
However, a break above 3320 would invalidate the bearish scenario and shift the bias to bullish.
⚠️ Important: The upcoming NFP data may cause significant volatility, so extra caution is advised.
🔹 Technical Levels:
Pivot Line: 3310
Support: 3285 • 3255 • 3237
Resistance: 3320 • 3349
Technical & Macro Market Analyst specializing in Gold, U.S. Indices, and Forex.
Providing regular updates with structure, entry/exit clarity, and real-time outlooks.
Providing regular updates with structure, entry/exit clarity, and real-time outlooks.
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Technical & Macro Market Analyst specializing in Gold, U.S. Indices, and Forex.
Providing regular updates with structure, entry/exit clarity, and real-time outlooks.
Providing regular updates with structure, entry/exit clarity, and real-time outlooks.
Publications connexes
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.