Bitcoin price today: gains to $92k ahead of expected Fed rate cut
Gold is walking a tightrope this morning, trading at $3,385.7, just a hair above its Daily Buy 1 level at $3,377, like a climber clinging to the edge of a ledge in high winds. The market has been under steady selling pressure, retreating from last week’s highs, and now sits well below the Weekly VC PMI pivot at $3,474, signaling that the dominant short-term bias remains bearish.
From a VC PMI structure perspective, we are in a classic mean-reversion zone:
- Daily Buy 1 ($3,377) is the first line of defense for the bulls.
- Daily Buy 2 ($3,348) and Weekly Buy 2 ($3,338) form a deeper support shelf where probability favors a rebound.
- Above, the Daily VC PMI pivot ($3,421) and Sell 1 ($3,450) mark the first meaningful resistance targets.
The MACD is positive but losing altitude, a sign that momentum from the recent bounce is already fading. This suggests any rally attempts will need stronger conviction to overcome the stacked resistance overhead.
Gann Time Cycles Context
From a Gann perspective, this week aligns with a minor time cycle window, which often precedes short but sharp reversals. That means we could see a fast rally attempt if Buy 1 holds, but failure here could accelerate the downside into the next cycle low due within the next 3–5 sessions.
Square of 9 Projection
Using the Square of 9 from the recent cycle high at $3,534, price vibration levels indicate $3,342–$3,348 as a natural harmonic support zone — perfectly overlapping with Daily Buy 2. This price/time confluence raises the probability of a technical reaction there.
360-Day Cycle View
On the larger 360-day rhythm, gold remains in the upswing phase from the major cycle low earlier this year. However, we are in a short-term corrective leg within that bigger bull structure. This decline could be setting the stage for a strong late-August to September rally — but only if support levels in the mid-$3,300s hold.
Summary
The market is in a tactical pullback, probing deep into its buy zone. The battle now is psychological: buyers must prove they can defend $3,377 and $3,348. If they succeed, the path opens toward $3,421 and $3,450. If they fail, the weekly Buy 2 at $3,338 becomes the last stop before a possible flush lower. This is where discipline counts — traders should be looking for confirmation before committing, because the next 48 hours could define the trajectory for the rest of the month.
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TRADING DERIVATIVES, FINANCIAL INSTRUMENTS AND PRECIOUS METALS INVOLVES SIGNIFICANT RISK OF LOSS AND IS NOT SUITABLE FOR EVERYONE. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.