$Gold.com(GOLD.US)
Gold (XAUUSD) Rebounds +1,060 Pips After Selling Pressure! 🚀
Gold staged a strong overnight recovery, rallying over 1,060 pips (+$105/oz) off its yesterday $4,282 low to trade back closed near $4,388!
🔷 Technical Snapshot
1️⃣ Support Hold: Buyers stepped in near the lower Bollinger Band ($4,241–$4,282 zone).
2️⃣ RSI Normalizing: Daily RSI bounced back to 51.28, easing short-term oversold conditions.
3️⃣ Resistance Target: The 20-day SMA around $4,450–$4,458 stands as the next key overhead level.
🔷 Fundamental Driver:
This short-covering bounce follows heavy selling sparked by hawkish Fed rate hike expectations.
Traders are now recalibrating positions ahead of crucial US labor market data (NFP), tomorrow.
Is this the start of a trend reversal or just a temporary relief bounce? 💬👇
Not financial advice. Please do your own DD. Trade with care.🫡
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