LygridTrading

Hello dear traders!Gold prices continued to decline against the US Dollar (USD) on Friday, falling below the previous psychological support level, which is now resistance, at 3,350 USD. The main reason was that the US Dollar gained some positive momentum as the market leaned toward the Fed maintaining its current policy in July following the May report, causing XAUUSD to move lower into the weekend.From a technical perspective, as previously analyzed, gold broke below the psychological support level of 3,350 USD on Friday, with prices approaching the 3,300 USD support level at the time of writing. However, the RSI has dropped to the 30 level, indicating that selling pressure may be losing momentum, and global economic stress could potentially limit further losses.

Hello dear traders!Gold prices continued to decline against the US Dollar (USD) on Friday, falling below the previous psychological support, which is now a resistance level, at 3,350 USD. The main reason is that the US Dollar gained some positive momentum as the market leaned toward the Fed keeping its policy unchanged in July after the May report, causing XAU/USD to drop lower by the weekend.From a technical perspective, as analyzed, Gold broke below the psychological support of 3,350 USD on Friday, with prices approaching the 3,300 USD support level at the time of writing. With the RSI falling to the 30 level, it suggests that the sellers may be losing momentum and global economic stress might limit losses.Regarding the upcoming outlook for XAUUSD: As long as the price holds above the 3,300 USD support level, I maintain a bias toward the buying side. However, if the price clearly breaks below this zone, the bullish outlook may be invalidated, and the short-term trend could shift to neutral or bearish. This is a sensitive area where upcoming price action will provide clearer signals about the market’s next direction.This is just my view on support and resistance zones, not financial advice. Always confirm your setups and trade with proper risk management.

Great to see all traders again in today’s gold price discussion at the end of the trading session. LyngridTrading here!Yesterday, gold dropped sharply, with the metal falling by 600 pips during the US session. However, by this morning, it quickly regained its upward momentum, supported by buying pressure around the 3,340 USD support zone.Specifically, gold regained its momentum after the latest data on the US labor market was just released, showing that the number of initial state unemployment claims rose to 247,000 (seasonally adjusted) by the end of May 2025, according to the announcement from the U.S. Department of Labor. This figure is higher than expected, reflecting a weakening US labor market, which has increased expectations that the Fed will soon cut interest rates to support the economy.From a technical perspective, as previously analyzed, gold holds a strong short-term technical advantage from the support zone around 3,340 USD. If buying pressure continues, there will be nothing stopping it from rising to 3,485 USD, in line with the idea scheduled at the same time yesterday.Gold is showing signs of rising again. So, I will enter the position now.

Dear friends,To begin this post, I want you to understand why I want to connect with the global TradingView community. Simply put, I want to share the value I have and listen to more perspectives from all of you. This helps build a stronger, more united community. And what about you. What do you think of XAUUSD hovering around 3,370 USD?Let’s explore it together! XAUUSD is moving within a very clear ascending channel, with price action consistently respecting both the upper and lower boundaries. This indicates that the bullish structure is still being maintained and the buyers remain in control. The recent upward momentum further reinforces the belief that this trend could continue.The price is currently approaching a key support zone, marked by the lower boundary of the channel and a previous demand area. If this zone holds, it could offer a strong re-entry opportunity for buyers. The projected bullish target is 3,485 USD, which aligns with the upper boundary of the channel and represents a reasonable upside objective. This is the area I will closely monitor to find a trend-following buy entry, as long as bullish momentum remains intact.Of course, I do not dismiss the opposite scenario. Failure to hold this dynamic support may suggest that bullish momentum is weakening and could shift the short-term trend to neutral or bearish.Let me know your thoughts or if you see it differently!Good luck everyone