Gold is currently testing a strong supply zone near the $3,450 resistance area for the third time. Each test has been followed by sharp rejections, forming a potential triple top pattern, which is a classic bearish reversal signal.
🔵 Key Levels to Watch:
Resistance: $3,450 – Strong supply zone (highlighted blue zone)
Mid Support: $3,032 – Previous structure support & demand
Major Demand: $2,647 – Long-term demand zone (orange)
🔻 Bearish Signals:
Price failed to break above the $3,450 supply zone
Strong bearish wick and rejection candle
Lower highs on RSI/MACD (not shown but worth noting)
📌 Potential Trade Idea:
Entry: Near $3,400–$3,450 zone
Target 1: $3,032 (mid-term support)
Target 2: $2,647 (long-term demand)
SL: Above $3,470 (clear invalidation)
🗓️ As we move toward July, a break below $3,300 could trigger momentum selling down to $3,000 and even $2,647.
💬 What’s your bias on gold this week? Are we heading for a major correction or another bounce?
#Gold #XAUUSD #Forex #TechnicalAnalysis #TripleTop #BearishSetup #SmartMoney #PriceAction #TradingView #LuxAlgo #SwingTrade #Commodities
🔵 Key Levels to Watch:
Resistance: $3,450 – Strong supply zone (highlighted blue zone)
Mid Support: $3,032 – Previous structure support & demand
Major Demand: $2,647 – Long-term demand zone (orange)
🔻 Bearish Signals:
Price failed to break above the $3,450 supply zone
Strong bearish wick and rejection candle
Lower highs on RSI/MACD (not shown but worth noting)
📌 Potential Trade Idea:
Entry: Near $3,400–$3,450 zone
Target 1: $3,032 (mid-term support)
Target 2: $2,647 (long-term demand)
SL: Above $3,470 (clear invalidation)
🗓️ As we move toward July, a break below $3,300 could trigger momentum selling down to $3,000 and even $2,647.
💬 What’s your bias on gold this week? Are we heading for a major correction or another bounce?
#Gold #XAUUSD #Forex #TechnicalAnalysis #TripleTop #BearishSetup #SmartMoney #PriceAction #TradingView #LuxAlgo #SwingTrade #Commodities
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