Gold Bounced But Resistance Awaits....Gold has surprised many after last Friday’s session. I was initially expecting the correction to continue, but the reversal Doji that formed near support triggered a strong bounce, invalidating my short-term bearish outlook. Since then, price has shown decent strength on the daily timeframe, pushing higher toward a major resistance zone around 3434–3440.
Now, this horizontal resistance is a key area to watch. It has previously acted as a supply zone, and price action around it will be crucial. Although the structure still looks strong, we’re entering a potential exhaustion zone, and I’m keeping an eye on the possibility of a double top forming near the all-time high at 3500.
Today is a major fundamental day with the Fed’s rate decision and Powell’s speech lined up. I’m expecting volatility, and most likely, a clearer signal for the next big move in gold. My bias remains the same ,I’m waiting for bearish confirmation near this resistance area before entering fresh shorts. If we see rejection, I’ll target the 3200–3215 zone first, and if that breaks, the 3140–3160 zone comes into play next.
In short, I’m staying patient and letting the chart do the talking. Price is approaching a critical area, and the next move could offer a high-probability setup. Waiting for confirmation is key.
