Gold is currently at a key decision point, testing a supply zone and descending trendline resistance within a falling channel. Two scenarios are in play:
(Bearish)
Price gets rejected from the current supply zone (3,325–3,330) and resumes the downtrend, targeting 3,275 and possibly lower.
This aligns with the trendline resistance and previous swing rejection.
(Bullish Breakout)
If price breaks and holds above the descending trendline and clears the 3,331 zone, we may see a rally toward the 3,360–3,365 supply zone and beyond.
A breakout retest would confirm continuation.
This is a flexible setup with both long and short potential depending on the reaction at the current zone.
Your comments and opinions are welcome
#XAUUSD #Gold #PriceAction #TradeSetup #ForexIdeas #TechnicalAnalysis
(Bearish)
Price gets rejected from the current supply zone (3,325–3,330) and resumes the downtrend, targeting 3,275 and possibly lower.
This aligns with the trendline resistance and previous swing rejection.
(Bullish Breakout)
If price breaks and holds above the descending trendline and clears the 3,331 zone, we may see a rally toward the 3,360–3,365 supply zone and beyond.
A breakout retest would confirm continuation.
This is a flexible setup with both long and short potential depending on the reaction at the current zone.
Your comments and opinions are welcome
#XAUUSD #Gold #PriceAction #TradeSetup #ForexIdeas #TechnicalAnalysis
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.