XAUUSD – Strong Resistance at 3760–3770 Await ConfirmationHello trader,
Gold continues to fluctuate within the accumulation zone after the recent recovery. Although the larger trend leans towards an increase, a clear confirmation at key resistance-support levels is needed for a stronger breakout.
Strong Resistance: 3760 – 3770, converging with the Fibonacci extension zone. This is a crucial level if the price aims to create a new ATH in the mid-term.
Key level Sell: 3685 – 3695, currently a short-term resistance zone. If the price fails to break through, gold may face downward pressure.
Important Support:
3564 – 3574: mid-term support.
3534 – 3540: deep support zone, aligning with previous liquidity.
MACD H4: Histogram remains weak, momentum is unclear → the market needs further confirmation to clearly define the trend.
Trading Scenario
Bullish Scenario
Condition: Price breaks above 3695 and holds.
Entry: Retest 3665 – 3668.
Target: 3680-3698-3715-3730 – 3760 – 3770.
Extension: If successfully surpassing 3770 → expect a move towards 3800+.
Bearish Scenario
Condition: Price fails at 3695 and reverses.
Entry: Sell at 3685 – 3695 zone upon rejection signal.
Target: 3672-3655-3635 – 3600 – 3574.
Extension: If breaking 3574, the decline may target 3540, or even deeper.
Mid-term Scenario
Price may retest 3534 – 3550 to gather liquidity, then rebound following the larger trend. This will be an attractive long-term Buy zone.
The gold market is at a crucial stage: buyers need to break 3695 to confirm the uptrend, while sellers still have opportunities at the short-term resistance zone. Deep support levels will continue to serve as a foundation for mid-term Buy strategies.
Keep a close watch on 3695 and 3760 – 3770 to determine the next direction.
Stay tuned for the latest scenarios as the price structure evolves.
