Breakdown of Head & Shoulder in Gold : The Yellow Metal remains under pressure

A U.S. federal court on Wednesday blocked President Donald Trump’s "Liberation Day" tariffs, ruling that he exceeded his authority by imposing broad duties on imports from all countries.
The decision boosted investor sentiment, reflected in Thursday’s equity market rally. However, the improved risk appetite and continued strength in the U.S. dollar weighed on traditional safe-haven assets, pushing gold prices lower for the fourth straight session.
Adding to the pressure on gold, minutes from the Federal Reserve's May meeting, released Wednesday, revealed a consensus among officials to maintain a wait-and-see approach on interest rates amid ongoing uncertainty over the economic outlook and trade policies.
Policymakers emphasized the need to keep rates steady until the full economic impact of recent government policy changes becomes clearer.
XAU/USD TECHNICAL OVERVIEW
Technical Structure: Gold remains under pressure, reflecting a broadly bearish intraday setup. On the daily chart, a strong bearish candlestick suggests continued downside momentum. The 4-hour chart confirms a breakdown of a Head & Shoulders pattern, reinforcing the bearish bias. On the 1-hour timeframe, the price is in a corrective pullback phase but is facing resistance at the 8-period Simple Moving Average (SMA), indicating that sellers are defending higher levels.
Intraday Trend/ Intraday Strategy: The intraday bias remains bearish and favours the strategy of selling on rise and selling on break of supports.
Weekly Trend: Neutral
Major Support: 3261, 3246, 3230
Major Resistance: 3280, 3292, 3300
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