Gold Futures (GC1!) 1H – Bearish Rejection Setup
Price showed a strong bullish impulse followed by a rejection near the 3,416 resistance zone, forming a lower high and signaling potential exhaustion of buyers. After grabbing liquidity above the previous high, it failed to hold above the zone and retraced back below a key structure level around 3,406.
This setup aligns with a classic breakout and retest, now acting as resistance. I entered a short position after confirmation of bearish price action, targeting the demand zone around 3,372–3,368. Stop loss is placed just above the high at 3,416.8.
Price showed a strong bullish impulse followed by a rejection near the 3,416 resistance zone, forming a lower high and signaling potential exhaustion of buyers. After grabbing liquidity above the previous high, it failed to hold above the zone and retraced back below a key structure level around 3,406.
This setup aligns with a classic breakout and retest, now acting as resistance. I entered a short position after confirmation of bearish price action, targeting the demand zone around 3,372–3,368. Stop loss is placed just above the high at 3,416.8.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.