GOLD/USD Support Retest & Breakdown Setup 📉🔍
🔹 Overview:
The chart indicates a potential bearish continuation pattern on GOLD/USD as the price is approaching a key support level at 3,335.305. Previous price action shows multiple rejections from the resistance zone (~3,435), followed by lower highs – a sign of weakening bullish momentum.
📊 Technical Analysis:
🔺 Resistance Zone (~3,435)
Multiple rejections (🔴 red arrows) indicate strong supply pressure.
Price has failed to break above this area thrice, forming a clear ceiling.
🔻 Support Zone (~3,335)
Marked as the target for a short setup.
Price is testing this level again after forming a minor consolidation below lower highs.
A clean break below this purple zone may trigger a continuation to the downside, targeting the broader support range below (~3,240).
🟠 Bearish Structure:
Series of lower highs (highlighted with circles).
Breakdown pattern is developing with declining bullish momentum.
📈 Potential Play:
A confirmed breakdown below 3,335 could lead to a drop toward the next major support.
If support holds, short-term bounce is possible but limited by the dominant resistance.
📌 Conclusion:
GOLD/USD is currently in a bearish setup, with the market eyeing a potential breakdown below a critical support zone. If this level fails to hold, we could see accelerated bearish momentum toward the lower support range.
💡 Caution: Wait for a confirmed close below support before entering any short trades.
🔹 Overview:
The chart indicates a potential bearish continuation pattern on GOLD/USD as the price is approaching a key support level at 3,335.305. Previous price action shows multiple rejections from the resistance zone (~3,435), followed by lower highs – a sign of weakening bullish momentum.
📊 Technical Analysis:
🔺 Resistance Zone (~3,435)
Multiple rejections (🔴 red arrows) indicate strong supply pressure.
Price has failed to break above this area thrice, forming a clear ceiling.
🔻 Support Zone (~3,335)
Marked as the target for a short setup.
Price is testing this level again after forming a minor consolidation below lower highs.
A clean break below this purple zone may trigger a continuation to the downside, targeting the broader support range below (~3,240).
🟠 Bearish Structure:
Series of lower highs (highlighted with circles).
Breakdown pattern is developing with declining bullish momentum.
📈 Potential Play:
A confirmed breakdown below 3,335 could lead to a drop toward the next major support.
If support holds, short-term bounce is possible but limited by the dominant resistance.
📌 Conclusion:
GOLD/USD is currently in a bearish setup, with the market eyeing a potential breakdown below a critical support zone. If this level fails to hold, we could see accelerated bearish momentum toward the lower support range.
💡 Caution: Wait for a confirmed close below support before entering any short trades.
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JOIN MY TELEGRAM CHANNEL
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JOIN MY RECOMMENTED BROKER REFFREL LINK
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PARTNER CODE⤵️
uvd1etcgg1
t.me/StellarMarketAnalysis
JOIN MY RECOMMENTED BROKER REFFREL LINK
⤵️one.exnesstrack.net/a/uvd1etcgg1
PARTNER CODE⤵️
uvd1etcgg1
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.