Gold steady around $3,970 – Short-term correction risk

4 days ago

📊 Market Overview
Gold (XAU/USD) is trading around $3,965–$3,970 after setting a new all-time high at $3,977. Buying pressure remains dominant, yet momentum is slowing as the U.S. Dollar Index rebounds to 100.5 and the 10-year Treasury yield ticks higher.
Overall sentiment stays bullish as traders anticipate Fed rate cuts and remain cautious over geopolitical risks.

📈 Technical Analysis
• Trend: Strong uptrend, but RSI (H1) > 70 → short-term correction risk.
• EMA50 (H1): Still sloping upward, confirming medium-term bullish bias.
• H1 candle shows a long upper wick near 3978, signaling profit-taking pressure.

Resistances:
1️⃣ $3,975 – $3,980 (ATH zone, strong supply)
2️⃣ $3,988 – $4,000 (psychological extension)
Supports:
1️⃣ $3,960 – $3,953 (immediate reaction zone)
2️⃣ $3,945 – $3,938 (EMA50 H1)
3️⃣ $3,920 – $3,915 (medium-term support)

💡 Outlook
Gold remains in a firm uptrend but faces heavy resistance around $3,975–$3,980. A short-term pullback toward $3,950–$3,945 is likely before the next upward leg.
If price breaks and closes above $3,980 (H1), the uptrend may extend toward $4,000–$4,020.

🎯 Suggested Trading Strategies
🔻 SELL XAU/USD: 3403–3406
🎯 TP: 40 / 80 / 200 pips
🛑 SL: 3409
🔺 BUY XAU/USD: 3955–3952
🎯 TP: 40 / 80 / 200 pips
🛑 SL: 3949

4 days ago

Trade active

Gold prices corrected lower in the European session.

4 days ago

Trade closed: target reached

Gold is showing signs of a technical rebound after testing a strong support zone. If it holds above $3,945, the price could continue rising toward $3,965–$3,970.