Last week was both interesting and revealing for Gold.
After breaking above the key $3375 resistance—which also marked the upper boundary of a large triangle—price quickly accelerated higher, reaching the $3440 resistance zone.
However, instead of a bullish continuation, we witnessed a false breakout and sharp reversal. What initially looked like a healthy pullback turned into a full bearish rejection by week’s end.
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📉 Current Technical Picture:
• On the daily chart, we now see a clear Three Black Crows formation
• On the weekly chart, a strong bearish Pin Bar confirms rejection
• And if we add the failed breakout above 3375, the bias tilts decisively bearish
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📌 Key Zones and Trading Plan:
• Gold is currently bouncing from the ascending trendline zone, which is natural after dropping more than 1,000 pips in just 3 days
• The $3375–3380 area has regained importance as a key resistance zone, and that’s where I’ll be looking to sell rallies
• A bullish invalidation would only come if price manages to stabilize above $3400
Until then, this remains a bear-dominated market, and a drop below $3300 is on the table.
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🧭 Support levels to watch:
• First support: $3280
• Major support: $3250 zone
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📉 Conclusion:
The failed breakout, bearish candle formations, and current price structure all point to a market that's shifting in favor of sellers.
I’m looking to sell spikes into resistance, with a clear invalidation above $3400.
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.
After breaking above the key $3375 resistance—which also marked the upper boundary of a large triangle—price quickly accelerated higher, reaching the $3440 resistance zone.
However, instead of a bullish continuation, we witnessed a false breakout and sharp reversal. What initially looked like a healthy pullback turned into a full bearish rejection by week’s end.
________________________________________
📉 Current Technical Picture:
• On the daily chart, we now see a clear Three Black Crows formation
• On the weekly chart, a strong bearish Pin Bar confirms rejection
• And if we add the failed breakout above 3375, the bias tilts decisively bearish
________________________________________
📌 Key Zones and Trading Plan:
• Gold is currently bouncing from the ascending trendline zone, which is natural after dropping more than 1,000 pips in just 3 days
• The $3375–3380 area has regained importance as a key resistance zone, and that’s where I’ll be looking to sell rallies
• A bullish invalidation would only come if price manages to stabilize above $3400
Until then, this remains a bear-dominated market, and a drop below $3300 is on the table.
________________________________________
🧭 Support levels to watch:
• First support: $3280
• Major support: $3250 zone
________________________________________
📉 Conclusion:
The failed breakout, bearish candle formations, and current price structure all point to a market that's shifting in favor of sellers.
I’m looking to sell spikes into resistance, with a clear invalidation above $3400.
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.
📈 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.
📈 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.