Hello traders, I want share with you my opinion about Gold. Over an extended period, the price action of Gold has been contained within a large descending triangle, a pattern characterized by a series of lower highs testing a descending resistance line and a relatively flat support base. The major seller zone around the 3415 resistance level has consistently capped upward rebounds, establishing a clear downward pressure on the asset. The most critical recent development has been a decisive breakdown, where the price broke below a key ascending trend line and, more importantly, below the horizontal support at 3310. This structural break has shifted the immediate market dynamics, turning the former support area of 3310 - 3320 into a new ceiling of resistance. The primary working hypothesis is a short scenario based on the principle of a breakdown and retest. It is anticipated that the price will attempt a corrective rally back towards this new resistance area around 3310. A failure to reclaim this level, confirmed by a strong rejection, would validate the breakdown and signal the continuation of the larger downward trend. Therefore, the tp for this next bearish leg is logically placed at the 3240 level. This target represents a significant area of potential support and a measured objective following the resolution of the recent consolidation. Please share this idea with your friends and click Boost 🚀
Disclaimer: As part of ThinkMarkets’ Influencer Program, I am sponsored to share and publish their charts in my analysis.
Disclaimer: As part of ThinkMarkets’ Influencer Program, I am sponsored to share and publish their charts in my analysis.
🔷Join my telegram channel for free - bit.ly/4g4wovR
💰Want receive more profitable signals for Crypto & Forex market, write me PM 👉 bit.ly/4fNijD8
ThinkMarkets Ambassador Join & explore: bit.ly/3S4HwPq
💰Want receive more profitable signals for Crypto & Forex market, write me PM 👉 bit.ly/4fNijD8
ThinkMarkets Ambassador Join & explore: bit.ly/3S4HwPq
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.
🔷Join my telegram channel for free - bit.ly/4g4wovR
💰Want receive more profitable signals for Crypto & Forex market, write me PM 👉 bit.ly/4fNijD8
ThinkMarkets Ambassador Join & explore: bit.ly/3S4HwPq
💰Want receive more profitable signals for Crypto & Forex market, write me PM 👉 bit.ly/4fNijD8
ThinkMarkets Ambassador Join & explore: bit.ly/3S4HwPq
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.