Gold reasserting strength as $3,300 level is being tested, $3,500 target still in-tact
- Gold is holding firm above 3280, supported by a Daily Fair Value Gap and testing the 3300 resistance.
- The U.S. Dollar slipped below 100 after the FOMC pause, weakening bullish momentum and favoring gold upside.
- If the 3249–3285 FVG holds, gold could continue higher; a break may retest the 3245 zone.
Gold holding at 3,280 with daily FVG support
After dipping below 3,200 level, Gold is now testing the 3300 level and reasserting its strength for an upside continuation. It’s currently holding the support level at the 3280 level with a confluence of a Daily Fair Value Gap acting as another support.
Dollar Slides Below 100, Giving Gold Room To Hold
After the FOMC priced in a rate pause this coming rate policy decision on June, U.S. Dollar failed to hold its gap at Thursday’s open, signaling failed momentum as barriers for upside move for Dollar is still thick, with no signs of strong recovery.
If we continue to slide down below the immediate low sitting at 98.700 level, we could see further downside on Dollar and renewed strength on Gold.
Key levels to watch for Gold
If the dip at the Daily Fair Value Gap sitting at 3249.79 - 3285.40 would still hold in confluence on the 4-hour Fair Value Gap (3239.41 - 3260.38), we’d like to see more upside for Gold.
Another level to note is the current 4-hour FVG at 3289.39 - 3304.88. Unless this holds and the mentioned FVG at the Daily, 3245 level might be the next test for a dip.
Author
Jasper Osita
ACY Securities
Jasper has been in the markets since 2019 trading currencies, indices and commodities like Gold. His approach in the market is heavily accompanied by technical analysis, trading Smart Money Concepts (SMC) with fundamentals in mind.
