Gold has just tested a major resistance zone at $3,390–$3,400 and faced a sharp rejection, forming a possible double top. The price is still respecting the parallel ascending channel, but current momentum suggests a bearish move could be underway.
🔍 Key Technical Levels:
Resistance: $3,390 – $3,400 (strong rejection zone)
Support: $3,282 (watch for reaction here)
Channel Structure: Price is still within an ascending channel
📉 Possible Scenarios:
1. Bearish Scenario:
If the price breaks below $3,340 and sustains momentum, we could see a drop to $3,282 support — a key level to watch for a potential bounce or further breakdown.
2. Bullish Scenario (less likely short-term):
If bulls regain control, watch for a breakout above $3,400, confirming upside continuation.
💡 Trading Idea:
Currently leaning bearish unless we see a confirmed breakout above resistance. Short setups could be considered on lower timeframes with targets near the support level.
💬 Let me know what you think — will gold break down or bounce back? 👇
👍 Like & follow for more trade ideas and updates!
#XAUUSD #Gold #TechnicalAnalysis #PriceAction #TradingView #Forex #Commodities
🔍 Key Technical Levels:
Resistance: $3,390 – $3,400 (strong rejection zone)
Support: $3,282 (watch for reaction here)
Channel Structure: Price is still within an ascending channel
📉 Possible Scenarios:
1. Bearish Scenario:
If the price breaks below $3,340 and sustains momentum, we could see a drop to $3,282 support — a key level to watch for a potential bounce or further breakdown.
2. Bullish Scenario (less likely short-term):
If bulls regain control, watch for a breakout above $3,400, confirming upside continuation.
💡 Trading Idea:
Currently leaning bearish unless we see a confirmed breakout above resistance. Short setups could be considered on lower timeframes with targets near the support level.
💬 Let me know what you think — will gold break down or bounce back? 👇
👍 Like & follow for more trade ideas and updates!
#XAUUSD #Gold #TechnicalAnalysis #PriceAction #TradingView #Forex #Commodities
Trade closed: target reached
📉 XAUUSD Breakdown – $3,390 Rejection Played Out Perfectly!Gold respected the $3,390 resistance beautifully and delivered the exact move we forecasted!
After forming a double top, price broke structure and dropped to the $3,302–$3,282 support zone — hitting our target for a total of 880+ pips! ✅
Key Move Recap:
Entry Zone: ~$3,390
Target Zone Hit: ~$3,302
✅ Move: ~880 pips
📊 Price is now reacting to the support zone. Will it bounce or break further?
💬 Did you catch the move? Drop a like and let me know your next bias 👇
👍 Like & follow for more accurate setups!
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.
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.