Despite recent geopolitical shifts, Smart Money Brief Team maintained a clear bearish outlook in our last livestream. This morning, a ceasefire was officially declared via the social media account of “Captain America,” further supporting continued downward movement in gold.
Yesterday, we executed two short positions on gold:
- The first at $3379 around 3:00 AM UAE time
- The second at $3387 around 6:00 PM UAE time
Both trades hit and exceeded their targets, confirming the validity of our bearish setup.
🌎 Global Market Snapshot
Yesterday morning, gold opened near $3358, and shortly after the European session began, we observed panic-driven spikes toward $3381 and a quick wick to $3390, before sharply retreating.
Our 15-minute chart showed how well gold respected the key levels mentioned in our daily updates.
📊 Key Economic Events Today
- Consumer Confidence Index: 6 PM UAE / 5 PM KSA
- Jerome Powell’s Semiannual Testimony: Begins same time
Expect the written remarks to be released 1–1.5 hours earlier, potentially shaking the market before Powell even speaks.
A tweet by “Captain America” early today exerted additional pressure, calling for 200-300 basis point rate cuts, aiming for rates between 1.5% and 2.5%.
⚖️ Gold Technical Levels
Pivot Point: $3357
Resistance Levels:
- R1: $3371
- R2: $3383
- R3: $3396
- R4: $3420
- R5: $3443
Support Levels:
- S1: $3342
- S2: $3315 (critical)
- S3: $3296
- S4: $3275
- S5: $3250
- S6: $3220
🔴 Bearish Outlook Reinforced
Markets seem poised to test $3275, with a real possibility of reaching $3250 or even $3220 depending on Powell’s remarks. A retest of $3357 may happen, but until gold breaks and holds above this pivot, any bullish moves are likely short-lived.
🔎 Powell’s Speech: Market-Moving Scenarios
Today’s testimony is key because:
- It occurs only twice a year
- Senators and Congress members tend to ask hard-hitting, focused questions
Even if Powell repeats earlier statements, the format often forces disclosures that weren’t made in press conferences.
A hawkish tone would push gold further down; any dovish surprise may trigger chaos — but don’t trade price noise, trade the fundamentals.
📊 Trading Central View
While gold was trading at $3325, Trading Central signaled a bearish bias unless price breaks above $3353. Below that:
- Target 1: $3310
- Target 2: $3293
A confirmed break above $3353 flips sentiment to bullish, targeting $3371 and $3391.
Silver, at $36.09, remains bullish above $35.75, aiming for $36.45 and $36.75.
🌟 Final Thoughts
Markets are highly reactive right now. Don’t get trapped by false rallies. Unless Powell shocks the markets, gold remains vulnerable to extended bearish action.
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