Gold Remains Under Pressure – Further Decline Likely Not Over

Gold has touched the key support level at $3290/oz as expected and is now hovering around $3295, indicating that the downward momentum remains intact. Recent U.S. economic data has been positive for the U.S. dollar, adding to short-term pressure on gold.
➡️ The strong data reinforces the Fed’s hawkish stance, increasing expectations that interest rates will remain elevated for longer. As a result, both the U.S. dollar and Treasury yields have risen, weighing heavily on gold prices.

🔍 Technical Analysis:
• Price is tracking below the EMA 09, suggesting the downtrend is still in play.
• The $3290 support has been tested; a break below this level could open the door to the next target at $3225.
• A consistent bearish candlestick pattern shows no clear signs of reversal.
• Lack of strong buying interest at current levels suggests further downside is likely.

💡 Suggested Trade Strategy (Short-Term Bias: Bearish):
• SELL XAU/USD in the $3294 – $3297 zone
🎯 TP1: $3275
🎯 TP2: $3225
❌ SL: $3305
• BUY XAU/USD only if price pulls back to the $3225 zone with clear support signals
🎯 TP: $3260 – $3270
❌ SL: $3210