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Yesterday, gold tested support and attempted a rebound but failed to break through resistance, followed by a second leg down that broke the support zone, invalidating the potential inverse head-and-shoulders pattern and resulting in a drop below the 3300 level.
On the daily (1D) chart, price has now broken below the MA60, signaling a further confirmation of the bearish structure.
However, due to the sharp drop, a double bottom or multi-bottom structure is forming on the 30-minute chart, which may be building momentum for a potential test of the 3321 resistance zone.
📌 Key focus areas:
If 3321 is broken and held, there is room for a short-term rebound to extend;
If 3321 holds as resistance, the current rebound is likely a short-selling opportunity.
Technically speaking, without the support of bullish news, if gold fails to reclaim and sustain above 3321, there is a strong chance of a further move lower—potentially down to 3220, where the weekly MA20 is located. A deeper decline could even test the 3200–3168 support zone.
📉 Therefore, the primary trading bias remains bearish, with sell-on-rebound as the preferred strategy until a stronger bullish signal emerges. Monitor the 3321 zone closely for direction confirmation.
Yesterday, gold tested support and attempted a rebound but failed to break through resistance, followed by a second leg down that broke the support zone, invalidating the potential inverse head-and-shoulders pattern and resulting in a drop below the 3300 level.
On the daily (1D) chart, price has now broken below the MA60, signaling a further confirmation of the bearish structure.
However, due to the sharp drop, a double bottom or multi-bottom structure is forming on the 30-minute chart, which may be building momentum for a potential test of the 3321 resistance zone.
📌 Key focus areas:
If 3321 is broken and held, there is room for a short-term rebound to extend;
If 3321 holds as resistance, the current rebound is likely a short-selling opportunity.
Technically speaking, without the support of bullish news, if gold fails to reclaim and sustain above 3321, there is a strong chance of a further move lower—potentially down to 3220, where the weekly MA20 is located. A deeper decline could even test the 3200–3168 support zone.
📉 Therefore, the primary trading bias remains bearish, with sell-on-rebound as the preferred strategy until a stronger bullish signal emerges. Monitor the 3321 zone closely for direction confirmation.
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Feel free to join—it makes it easier to follow updates, and you can also contact me directly if you have any questions.
t.me/+h6RM5RdP6X9hNmI8
Related publications
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.
I’ve created a channel where I’ll be posting market analysis and trading signals.
Feel free to join—it makes it easier to follow updates, and you can also contact me directly if you have any questions.
t.me/+h6RM5RdP6X9hNmI8
Feel free to join—it makes it easier to follow updates, and you can also contact me directly if you have any questions.
t.me/+h6RM5RdP6X9hNmI8
Related publications
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.