From TradingView · · 50s
Gold tests resistance near 4,370
Gold price testing key resistance zone.
In brief
Gold price testing key resistance zone. Gold is testing descending resistance at 4,370-4,390 before potential drop to 4,240-4,260. Originally reported by TradingView.
Technical analysis
XAUUSD remains inside a clear descending structure with major resistance capping every recovery.
Resistance zone
Price rebounding from lower channel part but 1H trend remains bearish below 4,370, 4,390 resistance.
Potential rejection
Recovery toward 4,370, 4,390 could trigger rejection from descending resistance.
Next target
Sellers regaining control could push price to 4,240, 4,260 support zone.
Fundamental factors
Gold trading higher ahead of Fed decision with 93% probability of 25 bp rate hike.
Volatility triggers
Elevated U.S. Treasury yields and retail sales data add potential volatility for XAUUSD.
The big picture
Gold is testing descending resistance at 4,370-4,390 before potential drop to 4,240-4,260.
