Gold aims to break out of $3,355–$3,360 resistance zone

On the 15-minute timeframe, gold prices have been trying to break through the resistance zone between $3,355 and $3,360 per ounce. Over the past two trading sessions, there have been at least ten unsuccessful attempts to surpass this range. Yesterday, bullion prices suddenly pushed off from resistance, dropping below previous local lows near $3,340 before quickly recovering to $3,350. This proves that gold aims to retest the resistance zone. The current technical setup presents a favorable buying opportunity for the precious metal against the US dollar. The pattern mirrors the AUDUSD pair's behavior, which similarly shows upside potential above its present levels. As the Australian dollar is considered a commodity currency, its movements often correlate with gold prices. Due to this co-dependence, the technical picture for AUDUSD to break above the current level strengthens a similar signal for XAUUSD.

The overall recommendation is to buy gold.

Profits should be taken at the level of $3,360 per ounce. Stop Loss could be set at $3,345.

This is a short-term strategy suitable for lower timeframes, similar to scalping. However, the potential profit-to-spread ratio is relatively low, which may reduce trade efficiency.

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.