Yesterday, after a small bounce from the ascending trendline, Gold broke down and printed an intraday low around $3300.
Right now, the market appears bear-dominated, and further downside continuation is likely in the coming days.
________________________________________
📉 But there’s a catch:
From last week's top, Gold has dropped over 1400 pips without any meaningful correction.
That opens the door for a possible short-term rebound, which could be just a setup for new short entries.
________________________________________
📌 Key levels to watch:
• First resistance: $3350
• Major resistance: $3375 – Only a daily close above this level would shift control back to the bulls
🎯 Until then, any bounce is an opportunity to sell into strength.
A break below $3300 opens the path to $3280, with a likely extension toward $3250.
________________________________________
Conclusion:
The trend is bearish, but don’t chase.
Wait for a corrective rally, then look to sell the rip—unless bulls reclaim $3375, it’s still a bear market.
Let’s see if Gold gives us the setup. 🎯
Disclosure: I am part of TradeNation's Influencer program and receive a monthly fee for using their TradingView charts in my analyses and educational articles.
Right now, the market appears bear-dominated, and further downside continuation is likely in the coming days.
________________________________________
📉 But there’s a catch:
From last week's top, Gold has dropped over 1400 pips without any meaningful correction.
That opens the door for a possible short-term rebound, which could be just a setup for new short entries.
________________________________________
📌 Key levels to watch:
• First resistance: $3350
• Major resistance: $3375 – Only a daily close above this level would shift control back to the bulls
🎯 Until then, any bounce is an opportunity to sell into strength.
A break below $3300 opens the path to $3280, with a likely extension toward $3250.
________________________________________
Conclusion:
The trend is bearish, but don’t chase.
Wait for a corrective rally, then look to sell the rip—unless bulls reclaim $3375, it’s still a bear market.
Let’s see if Gold gives us the setup. 🎯
Disclosure: I am part of TradeNation's Influencer program and receive a monthly fee for using their TradingView charts in my analyses and educational articles.
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Gold rebounded anemically, which could indicate a lack of strength from the bulls.
📈 Forex & XAU/USD Channel:
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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.
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
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.