Hello everyone! What do you think – is it time to buy or sell gold?
After clearly breaking the ascending trendline late last week, gold made a slight rebound from the 3,325 zone. However, in my view, this bounce was relatively weak and mostly technical in nature.
Currently, price is retesting a key confluence area around 3,345–3,355, which includes the previous trendline and a nearby resistance zone.
If we see a clear rejection candle form at this level, there's a high chance the price may reverse and continue its downward trend. The short-term target I’m watching is 3,300 USD – and if that level doesn’t hold, we could see stronger reactions near 3,283.
According to the VRVP indicator, volume is concentrated around lower price levels, suggesting that liquidity is still sitting near previous lows. Structurally, the market continues to form lower highs and lower lows, and with the EMA sloping downward, my primary bias remains to SELL on rallies within the trend.
After clearly breaking the ascending trendline late last week, gold made a slight rebound from the 3,325 zone. However, in my view, this bounce was relatively weak and mostly technical in nature.
Currently, price is retesting a key confluence area around 3,345–3,355, which includes the previous trendline and a nearby resistance zone.
If we see a clear rejection candle form at this level, there's a high chance the price may reverse and continue its downward trend. The short-term target I’m watching is 3,300 USD – and if that level doesn’t hold, we could see stronger reactions near 3,283.
According to the VRVP indicator, volume is concentrated around lower price levels, suggesting that liquidity is still sitting near previous lows. Structurally, the market continues to form lower highs and lower lows, and with the EMA sloping downward, my primary bias remains to SELL on rallies within the trend.
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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.