GOLD has been respecting an ascending channel for weeks and price is now reacting from the upper boundary after forming a visible distribution range Here’s what we’re seeing on the 1-hour chart
Price has rejected the upper channel resistance (\~3,446–3,422 zone) after multiple failed breakout attempts.
The consolidation zone above 3,400 has now broken down — shifting market structure to a potential short-term bearish bias We’re now seeing a lower high forming hinting at a pullback toward key trendline support
If price drops into the 3,339–3,340 zone and reacts with strength we could see a bounce continuation play.
A clean higher low above the ascending trendline and a reclaim of 3,366/3,377 could open the path back to
Resistance; levels 3,408 – 3,422 3,446
Support: levels 3,366 – 3,340
Trading Insight
This is a classic order block + pullback setup inside a bullish channel. Structure remains bullish as long as the ascending trendline holds. Trade the reaction, not the prediction
Bias Neutral to Bearish short-term → Bullish medium-term StrategySell pullback → Buy dip from structure Outlook Validity Next 1–3 trading sessions
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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.