julianreeds
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Gold witnessed a sharp decline on Friday following a stronger-than-expected U.S. jobs report, which reduced expectations of imminent Federal Reserve rate cuts. Adding to the downward pressure, optimism surrounding renewed U.S.-China trade talks has improved overall market sentiment, limiting demand for safe-haven assets like gold.
Today, the metal found support at $3,290, where buyers stepped in near the ascending trendline. Currently, gold is trading at $3,314, showing signs of a potential pullback from this support area.
Outlook
On the Upside:
A breakout above the $3,325–$3,327 resistance zone may trigger a short-term bullish move. If bulls manage to clear this barrier decisively, the next upside target could be $3,345 and potentially toward $3,365.
On the Downside:
The $3,290 level is acting as critical support. A breakdown below this zone may invalidate the current pullback and open the door for a deeper decline toward $3,250, exposing further downside risks.
Trend
The short-term trend remains cautiously bullish while price stays above the $3,290 support and the rising trendline. However, failure to sustain above this area would shift momentum in favor of sellers.
Strategy
Traders may look to:
Buy on dips near $3,290, placing stops just below the trendline. Consider adding long positions if price breaks above $3,327, targeting $3,345–$3,365. If price fails to hold $3,290, avoid longs and look for short opportunities toward $3,250.
Key Levels
Resistance (R2): $3,365
Resistance (R1): $3,327
Support (S1): $3,290
Support (S2): $3,250
Today, the metal found support at $3,290, where buyers stepped in near the ascending trendline. Currently, gold is trading at $3,314, showing signs of a potential pullback from this support area.
Outlook
On the Upside:
A breakout above the $3,325–$3,327 resistance zone may trigger a short-term bullish move. If bulls manage to clear this barrier decisively, the next upside target could be $3,345 and potentially toward $3,365.
On the Downside:
The $3,290 level is acting as critical support. A breakdown below this zone may invalidate the current pullback and open the door for a deeper decline toward $3,250, exposing further downside risks.
Trend
The short-term trend remains cautiously bullish while price stays above the $3,290 support and the rising trendline. However, failure to sustain above this area would shift momentum in favor of sellers.
Strategy
Traders may look to:
Buy on dips near $3,290, placing stops just below the trendline. Consider adding long positions if price breaks above $3,327, targeting $3,345–$3,365. If price fails to hold $3,290, avoid longs and look for short opportunities toward $3,250.
Key Levels
Resistance (R2): $3,365
Resistance (R1): $3,327
Support (S1): $3,290
Support (S2): $3,250
