Gold consolidates near key support – What's next for?

1. Market Overview
On the 15-minute chart, XAUUSD is trading around 3,290–3,292 USD, hovering just above a critical intraday support zone at 3,287–3,289 USD (highlighted in blue). This area has repeatedly provided a bounce in recent sessions, indicating persistent buying interest.
The current price action reflects sideways movement within a narrow range (3,287–3,296 USD), and notably, declining volatility, as shown by reduced candle range and trading volume.

2. Technical Breakdown
EMA: Price is moving around the EMA20 and EMA50, reflecting indecision and lack of directional momentum.
RSI (inferred): Likely hovering near the neutral 50–55 zone, confirming a balanced market.
Trendline: A descending series of lower highs from the 3,312 peak suggests bearish pressure, though buyers still defend key support.
Fibonacci: The 3,287 USD zone aligns with the 61.8% Fibonacci retracement level, reinforcing its strength as a bounce area.

3. Key Levels to Watch
3,287–3,289: Support - Repeated reactions here – key demand zone
3,296: Immediate resistance - Needs breakout to confirm bullish move
3,302: Next resistance - Breakout target – short-term top
3,275: Deeper support - Retest level if support breaks

4. Trading Strategy Scenarios
🔹 Scenario 1 – Long setup at support
Entry: 3,287–3,289 (wait for bullish reaction like pin bar or engulfing)
Stop Loss: Below 3,284
TP1: 3,296 | TP2: 3,302
🔹 Scenario 2 – Short setup on breakdown
Entry: Below 3,284 (after clear bearish candle close)
Stop Loss: 3,288
TP1: 3,275 | TP2: 3,268

5. Conclusion
Gold is in a tug-of-war at a sensitive support zone. Whether bulls defend or bears break below will set the tone for the rest of the session. Focus on price reaction around 3,287 to determine direction – avoid blind predictions.
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What’s your view on this support zone? Let’s discuss below!