XAUUSD – Bears in Control, but Watch for a Rebound First

29 Jul

Yesterday, after a small bounce from the ascending trendline, Gold broke down and printed an intraday low around $3300.
Right now, the market appears bear-dominated, and further downside continuation is likely in the coming days.
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📉 But there’s a catch:
From last week's top, Gold has dropped over 1400 pips without any meaningful correction.
That opens the door for a possible short-term rebound, which could be just a setup for new short entries.
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📌 Key levels to watch:
• First resistance: $3350
• Major resistance: $3375 – Only a daily close above this level would shift control back to the bulls

🎯 Until then, any bounce is an opportunity to sell into strength.
A break below $3300 opens the path to $3280, with a likely extension toward $3250.
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Conclusion:
The trend is bearish, but don’t chase.
Wait for a corrective rally, then look to sell the rip—unless bulls reclaim $3375, it’s still a bear market.
Let’s see if Gold gives us the setup. 🎯

Disclosure: I am part of TradeNation's Influencer program and receive a monthly fee for using their TradingView charts in my analyses and educational articles.

29 Jul

Dagangan aktif

Gold rebounded anemically, which could indicate a lack of strength from the bulls.