GOLD has been trading within a descending structure after forming a major top near 3,440 Price action is now showing signs of potential weakness as it approaches a key support levelTechnical Breakdown
Descending Trendline in Control The market has respected a well-defined descending trendline keeping bullish attempts in check
Consolidation Range Gold is stuck between 3,331 and 3,274 A breakdown below this range could trigger further downside momentum
Bearish Structure Lower highs and failed breakouts suggest growing selling pressure. Price is forming a potential distribution phase under the trendline
Support Levels to Watch
Immediate Support : 3,274
Breakdown Target 1: 3,245
Breakdown Target 2: 3,193
Final Support Zone : 3,136
Bearish Scenario in Play A break and close below the 3,274 zone may trigger a sharp move toward the next support levels The bearish path could accelerate if 3,245 fails to hold
Conclusion
Gold is showing signs of weakness beneath key resistance If price breaks below the current range the bearish scenario may unfold quickly. Traders should watch for confirmation below 3,274 to validate further downside...
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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.