The chart presents a bearish outlook for gold based on a retracement and continuation pattern. Here's a detailed analysis:
🔍 Chart Summary:
Current Price: Around 3336
Bias: Bearish (after retracement)
Resistance Zone: 3370 – 3380
Sell Confirmation Area: Upon rejection from the 3370–3380 resistance zone
Target 1 (TP1): 3300
Target 2 (TP2): 3280
📈 Technical Structure:
Recent Trend:
The price has dropped sharply from its recent peak.
Now it's attempting a pullback to previous support, which has turned into a resistance zone (3370–3380).
Price Action Expectation:
A retracement is expected toward 3370–3380.
If the price gets rejected from this resistance block, the chart suggests the formation of a lower high.
After rejection, a bearish continuation is expected.
Projected Move:
Short entry around the resistance zone.
Targets:
TP1: 3300 (intermediate support)
TP2: 3280 (major support)
🧠 Trade Idea Logic:
The chart follows a classic bearish price action setup: impulse → retracement → continuation.
The consolidation and break area has flipped from support to resistance.
The retracement zone is clearly defined, making it a high-probability area for reversal if bearish signals (e.g., rejection candles) form.
⚠️ Key Considerations:
Wait for confirmation: Do not enter blindly at 3370–3380. Look for rejection patterns (like a bearish engulfing or pin bar).
Volume and fundamentals: Watch for economic data or geopolitical news that might invalidate the technical setup.
SL Suggestion: Above 3385 or 3390 to allow some room for wick spikes.
🔍 Chart Summary:
Current Price: Around 3336
Bias: Bearish (after retracement)
Resistance Zone: 3370 – 3380
Sell Confirmation Area: Upon rejection from the 3370–3380 resistance zone
Target 1 (TP1): 3300
Target 2 (TP2): 3280
📈 Technical Structure:
Recent Trend:
The price has dropped sharply from its recent peak.
Now it's attempting a pullback to previous support, which has turned into a resistance zone (3370–3380).
Price Action Expectation:
A retracement is expected toward 3370–3380.
If the price gets rejected from this resistance block, the chart suggests the formation of a lower high.
After rejection, a bearish continuation is expected.
Projected Move:
Short entry around the resistance zone.
Targets:
TP1: 3300 (intermediate support)
TP2: 3280 (major support)
🧠 Trade Idea Logic:
The chart follows a classic bearish price action setup: impulse → retracement → continuation.
The consolidation and break area has flipped from support to resistance.
The retracement zone is clearly defined, making it a high-probability area for reversal if bearish signals (e.g., rejection candles) form.
⚠️ Key Considerations:
Wait for confirmation: Do not enter blindly at 3370–3380. Look for rejection patterns (like a bearish engulfing or pin bar).
Volume and fundamentals: Watch for economic data or geopolitical news that might invalidate the technical setup.
SL Suggestion: Above 3385 or 3390 to allow some room for wick spikes.
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t.me/GoldenpipsFXtrader
t.me/GoldenpipsFXtrader
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.
Thank you for visiting us! Join us for more trading insights and signals.
t.me/GoldenpipsFXtrader
t.me/GoldenpipsFXtrader
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.