Gold Technical Analysis for June 17, 2025, shows a sharp intraday reversal after the metal peaked at $3,446, a level tested during last week’s bullish run. This week began with a strong bearish rejection candle, and price action now hovers near a critical support at $3,382, with traders eyeing whether this level will hold or break.
Gold Price Recap – From Strength to Reversal
Last week closed strongly bullish for gold, with price climbing up to $3,446 amid ongoing geopolitical tensions in the Middle East. This bullish close pushed optimism among gold bulls, especially with central banks scheduled to meet this week. However, Monday changed the tone.
As reported by FXStreet, Iran showed signs of returning to nuclear talks. This development reduced the urgency for safe-haven demand and caused gold to reverse from its highs.
Gold Technical Outlook (XAUUSD) – Key Chart Levels
- Previous Week High: $3,446
- Immediate Support: $3,382 (aligned with 200 EMA on the 1H/4H chart)
- If $3,382 Breaks: Target $3,371
- Upside Resistance: $3,420 to $3,446
- Key Pattern Zone: Between $3,382 and $3,405
Bearish Scenario: Watch the $3,382 Breakdown
If gold breaks below $3,382, that confirms a bearish continuation pattern. This level coincides with the 200 EMA and has already shown price sensitivity.
- A breakdown could lead to a quick drop toward $3,371.
- Momentum may increase if this level fails during high-volume periods (e.g., US session or Fed minutes).
- Always wait for confirmation like a strong bearish candle before executing trades.
Bullish Scenario: W Pattern Support Holds
If gold respects the $3,382 level and holds support, a possible W pattern might form. This chart structure typically leads to bullish reversals.
- A breakout above $3,405 after the W could bring $3,446 into play again.
- Monitor lower timeframes (15M–1H) for breakout structure.
- This setup is more likely if Wednesday’s Fed decision is dovish or neutral.
Today’s Expectation: Sideways or Pause Candle
From a trader’s perspective, June 17 may turn into a pause or sideways day. Why?
- Last week ended strong bullish
- Monday gave a bearish counter move
- Major events (Fed, BoJ, BoE) are still ahead
Thus, the market may consolidate within the $3,382–$3,405 range as traders wait for macroeconomic clarity.
Use Chart Patterns to Plan Trades
Using chart patterns can greatly improve your trade timing and risk management. Common patterns around these levels include:
- W pattern (reversal)
- Bear flag (continuation)
- Double top near resistance
Learn more: Chart Patterns Guide – Full Visual Explanation
Quick Trading Insights
- Wait for price confirmation near $3,382 before committing.
- Use 4H/1H chart to validate levels and manage your stop-loss.
- Expect higher volatility post-Wednesday once Fed signals come in.