Gold is poppin’ up green candlesticks near an established support zone!
Think we’ll see another long-term bounce from the yellow metal?
The 4-hour chart might give us more clues!
Gold (XAU/USD) 4-hour Forex Chart by TradingView
Gold has quietly taken a backseat as demand for the U.S. dollar picked up in recent sessions. Easing tariff concerns, stronger-than-expected data, and a pullback in Fed rate cut expectations have all worked in the Greenback’s favor.
However, that trend may not last. With a new trading month underway, traders may take a closer look at the economic fallout from higher tariffs and what it could mean for U.S. growth.
Remember that directional biases and volatility conditions in market price are typically driven by fundamentals. If you haven’t yet done your homework on the U.S. dollar and gold, then it’s time to check out the economic calendar and stay updated on daily fundamental news!
Gold pulled back after brushing up against its record highs near $3,430 and is now hovering closer to the $3,250 zone. That area aligns with the S2($3,253) Pivot Point and the lower end of a range that has been in place since June.
If buyers step in and we start seeing more green candlesticks, XAU/USD could make a run for the $3,340 mid-range zone, and with enough momentum, maybe even revisit the $3,430 highs.
But if $3,260 fails to hold as support, the pair risks slipping below the S2 Pivot Point, opening the door for a deeper slide toward $3,200 or even $3,120.
Whichever bias you end up trading, don’t forget to practice proper risk management and stay aware of top-tier catalysts that could influence overall market sentiment.
Disclaimer:
Please be aware that the technical analysis content provided herein is for informational and educational purposes only. It should not be construed as trading advice or a suggestion of any specific directional bias. Technical analysis is just one aspect of a comprehensive trading strategy. The technical setups discussed are intended to highlight potential areas of interest that other traders may be observing. Ultimately, all trading decisions, risk management strategies, and their resulting outcomes are the sole responsibility of each individual trader. Please trade responsibly.
