Hello guys!
Gold is currently respecting a bearish descending channel, forming clean lower highs and lows. After tapping into the supply zone around 3,285–3,295, the price is showing signs of exhaustion.
Now, a potential rejection from this zone could trigger another leg down targeting the demand zone around 3,060–3,080.
🧠 What I see:
🔹 Bearish channel = trending lower
🔹 Clean retest of supply block
🔹 Price respecting midline resistance
🔹 Momentum favors sellers
🎯 Bearish Trade Idea (Not financial advice):
Entry zone: 3,240–3,260 (on confirmation candle)
TP1: 3,110
TP2: 3,072 (demand zone)
📐 Risk/Reward: 1:2+ potential
💡 Watch for confirmation candlesticks near the supply zone for safer entries.
Gold is currently respecting a bearish descending channel, forming clean lower highs and lows. After tapping into the supply zone around 3,285–3,295, the price is showing signs of exhaustion.
Now, a potential rejection from this zone could trigger another leg down targeting the demand zone around 3,060–3,080.
🧠 What I see:
🔹 Bearish channel = trending lower
🔹 Clean retest of supply block
🔹 Price respecting midline resistance
🔹 Momentum favors sellers
🎯 Bearish Trade Idea (Not financial advice):
Entry zone: 3,240–3,260 (on confirmation candle)
TP1: 3,110
TP2: 3,072 (demand zone)
📐 Risk/Reward: 1:2+ potential
💡 Watch for confirmation candlesticks near the supply zone for safer entries.
👉 My recommended broker: bit.ly/HYMCMELI
____
Telegram: t.me/melikatrader94
Forex: t.me/melikatrader94GoldForex
____
Telegram: t.me/melikatrader94
Forex: t.me/melikatrader94GoldForex
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.
👉 My recommended broker: bit.ly/HYMCMELI
____
Telegram: t.me/melikatrader94
Forex: t.me/melikatrader94GoldForex
____
Telegram: t.me/melikatrader94
Forex: t.me/melikatrader94GoldForex
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.