After a strong upward trend that pushed gold toward levels near $3,500 per ounce, the yellow metal has returned to a sharp decline, influenced by a strengthening US dollar and widespread profit-taking. Gold is currently breaking a pivotal support level at 3273.51, opening the way for further technical declines in the short term.
Technical Price Overview
- Current Price: 3273.51
- Current Trend: Short-Term Bearish
- Nearest Resistance: 3313.27
- Nearest Support: 3246.64, then 3226.52
Gold is currently trading below the 50- and 100-day moving averages and appears to be on a clear corrective path after breaking successive support levels. A break of 3273.51 increases the likelihood of targeting the next support level at 3246 and possibly 3226 if the selling momentum continues.
Technical Analysis
Technical Indicators:
- MACD: Reflects increasing negative momentum, with a clear decline and entry into negative territory.
- Stochastic: Moving near the oversold zone, but has not yet given any strong rebound signals.
Daily Forecast – Trading Scenarios
Negative Scenario (Likely):
- Continuing the price below 3273 will push gold to 3246 and then 3226, with selling momentum remaining dominant.
Positive Scenario (Temporary Rebound):
- If the price rebounds from 3246 and holds above it, we may witness a return to 3313, provided momentum indicators improve.
Trading strategies based on Buy/Sell levels
| XAUUSD | In case of buying | in case of selling |
| Entry point | 3312.37 | 3254.64 |
| Target Point 1 (TP1) | First resistance: 3333.09 | First support: 3226.52 |
| Target Point 2 (TP2) | Second resistance: 3339.65 | Second support: 3220.78 |
| Stop Loss (SL) | 3254.64 | 3312.37 |
Gold has already entered a downward correction, and a confirmed break below 3273.51 supports a sell-off scenario for the coming period. Traders should monitor price behavior at the 3246 support level to make entry or stop-loss decisions.
