Gold (XAUUSD) is approaching a key higher timeframe descending trendline that’s been respected since mid-June. Price is also tapping into a clean supply zone combined with horizontal structure around 3345–3350.
Watching for a potential bearish rejection from this level. If price respects the trendline and supply zone, expecting a continuation to the downside targeting previous lows around 3302 and potentially 3280.
Bias: Bearish unless price breaks and holds above 3350+.
Confluence:
• HTF descending trendline
• Supply zone + horizontal resistance
• EMA dynamic resistance aligning (if retest happens)
• Clean bearish structure on the 1H
Will update if the breakout happens — for now, waiting on bearish confirmations at the retest.
Watching for a potential bearish rejection from this level. If price respects the trendline and supply zone, expecting a continuation to the downside targeting previous lows around 3302 and potentially 3280.
Bias: Bearish unless price breaks and holds above 3350+.
Confluence:
• HTF descending trendline
• Supply zone + horizontal resistance
• EMA dynamic resistance aligning (if retest happens)
• Clean bearish structure on the 1H
Will update if the breakout happens — for now, waiting on bearish confirmations at the retest.
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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.