On the 15-minute chart, XAUUSD showed a strong upward momentum starting below the 3,300 USD mark, reaching a peak near 3,346 USD. This rally was supported by a clear bullish structure and an ascending trendline.
However, once the price hit resistance at the top, selling pressure intensified, pushing the price into a downward correction. A clear pullback zone has formed between 3,346 USD and the support area around 3,318 USD — currently acting as a buy-side liquidity pocket.
Crucially, the price broke below the previous uptrend line and is now being capped by a descending resistance trendline, indicating a short-term bearish bias. Multiple failed attempts to break above the 3,332 – 3,335 USD area confirm that sellers still have the upper hand.
Additionally, the price action within this correction zone hints at a potential distribution pattern. Without strong buying interest to reclaim the 3,335 USD level, further downside remains possible.
Suggested Trading Strategy:
In the short term, traders may consider a “Sell on Rally” approach if price continues to fail at the 3,332 – 3,335 USD resistance zone.
Conversely, if a clear breakout occurs above the descending trendline and especially above the 3,336 – 3,338 USD area, the bullish trend may resume.
Conclusion:
XAUUSD is undergoing a technical pullback after a sharp rise. The market is currently in a tug-of-war between profit-taking pressure and recovery attempts. How price reacts at the current resistance will determine the next key move.
However, once the price hit resistance at the top, selling pressure intensified, pushing the price into a downward correction. A clear pullback zone has formed between 3,346 USD and the support area around 3,318 USD — currently acting as a buy-side liquidity pocket.
Crucially, the price broke below the previous uptrend line and is now being capped by a descending resistance trendline, indicating a short-term bearish bias. Multiple failed attempts to break above the 3,332 – 3,335 USD area confirm that sellers still have the upper hand.
Additionally, the price action within this correction zone hints at a potential distribution pattern. Without strong buying interest to reclaim the 3,335 USD level, further downside remains possible.
Suggested Trading Strategy:
In the short term, traders may consider a “Sell on Rally” approach if price continues to fail at the 3,332 – 3,335 USD resistance zone.
Conversely, if a clear breakout occurs above the descending trendline and especially above the 3,336 – 3,338 USD area, the bullish trend may resume.
Conclusion:
XAUUSD is undergoing a technical pullback after a sharp rise. The market is currently in a tug-of-war between profit-taking pressure and recovery attempts. How price reacts at the current resistance will determine the next key move.
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️🥇 Exchange and learn market knowledge
️🥇 Support free trading signals
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.