Short Term Retracement - Next Target is 3310

🔔🔔🔔Gold news:

➡️ Gold prices continued to hit fresh record highs during Wednesday’s Asian trading session, approaching the significant $3,300 mark. Persistent concerns over an escalating U.S.-China trade war and fears of a U.S. trade war economic recession amid ongoing tariff turmoil has continued to boost demand for the non-yielding yellow metal.

➡️ Another major factor driving funds into gold is the growing speculation that the Federal Reserve will soon resume its rate-cutting cycle, potentially reducing borrowing costs four times this year. Meanwhile, the prospect of aggressive Fed easing policy has failed to attract buyers to the U.S. dollar or trigger any meaningful rebound from its lowest level since April 2022, which was reached last week. As a result, gold prices remain well-supported and appear largely unaffected by minor overbought conditions on the daily chart.

Personal opinion:
➡️ Gold's RSI enters the extreme overbought zone and will have a short-term correction. Therefore, you can wait for technical recovery zones to buy gold at a good price

➡️ Note: Limit selling gold because currently the Fomo of the buying side is very large, so selling will be very risky

➡️ Analyze based on resistance - support zones and EMA combined with RSI to come up with a suitable strategy

Plan:
🔆Price Zone Setup:

👉Buy Gold 3246 -3248
❌SL: 3240| ✅TP: 3254 - 3259 - 3265

👉Sell Gold 3310 -3312
❌SL: 3317| ✅TP: 3305 – 3300 – 3295

FM wishes you a successful trading day 💰💰💰