Gold (XAUUSD) recently broke a major ascending trendline that had held since late June, leading to an aggressive sell-off from the $3,440s down to the $3,270 zone.
Following that, price is now consolidating just beneath the previous support trendline, forming what appears to be a bear flag or rising channel inside a corrective structure.
The $3,330–$3,340 zone is now acting as resistance, and price is struggling to close above this level.
The current structure suggests continuation to the downside, with clean space to revisit the $3,271 liquidity pool and potentially even sweep that low.
Watch for bearish confirmation below the current flag – especially if price prints a rejection wick or engulfing candle at the upper edge of the box.
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Key Levels:
• Resistance: $3,330 – $3,340 (flag top + previous support turned resistance)
• Support: $3,271 zone, followed by $3,248 sweep potential
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Trigger Criteria:
• Bearish rejection inside the flag (e.g. pin bar or engulfing)
• Break and retest of the flag bottom or horizontal support
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Risk Note:
A clean break back above $3,350 and reclaim of the previous trendline would invalidate this idea short term and shift bias back to neutral/bullish.
Following that, price is now consolidating just beneath the previous support trendline, forming what appears to be a bear flag or rising channel inside a corrective structure.
The $3,330–$3,340 zone is now acting as resistance, and price is struggling to close above this level.
The current structure suggests continuation to the downside, with clean space to revisit the $3,271 liquidity pool and potentially even sweep that low.
Watch for bearish confirmation below the current flag – especially if price prints a rejection wick or engulfing candle at the upper edge of the box.
⸻
Key Levels:
• Resistance: $3,330 – $3,340 (flag top + previous support turned resistance)
• Support: $3,271 zone, followed by $3,248 sweep potential
⸻
Trigger Criteria:
• Bearish rejection inside the flag (e.g. pin bar or engulfing)
• Break and retest of the flag bottom or horizontal support
⸻
Risk Note:
A clean break back above $3,350 and reclaim of the previous trendline would invalidate this idea short term and shift bias back to neutral/bullish.
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.