Selling gold from technical resistance with $3,335 target

Gold prices continue to rise gradually on lower timeframes, while the Relative Strength Index (RSI) shows signs of slowing momentum. As evidenced on the 15-minute interval chart, a steady increase in the metal’s quotes is accompanied by a clear decline in the RSI. From a technical perspective, gold could start moving downward when meeting resistance at $3,420 per ounce, which would fully exhaust the remaining bullish momentum. This level was initially formed on July 22–23. The previous local high is marked by a red rectangle on the chart. Gold’s downside target would probably be the technical support at $3,335. The price decline is likely to slow upon reaching this level. However, there is a risk that gold could break through resistance and climb above $3,420, invalidating this scenario. In such a case, a protective Stop Loss order should be set at $3,450, providing a favorable risk-reward ratio, with a potential profit of 8,500 pips and a possible loss of 3,000 pips.

The overall recommendation is to sell gold from $3,420 per ounce.

Profits should be taken at $3,335. Stop Loss could be set at $3,450.

The volume of the open position should be calculated so that the potential loss (protected by a Stop Loss order) does not exceed 1% of your deposit. If your account balance does not allow opening a position of this size, it is better to avoid entering the market on this signal and wait for other trade options that meet low-risk criteria.