Hello guys!
After a strong bullish run, Gold has shifted momentum with a clear breakout to the downside, confirming a change in trend. The S&P supply zone acted as a strong resistance, rejecting the price back into a descending channel.
Currently, price is respecting the channel structure and has failed to break above minor resistance. The short-term outlook points to a bearish continuation, with a likely move toward the 3,321.89 support.
A clean break below this level could open the way for a deeper push into the 3,314.44 demand zone.
📉 Bearish bias remains intact while trading below the supply zone.
📈 Bullish invalidation would require a breakout above the channel and the S&P zone.
After a strong bullish run, Gold has shifted momentum with a clear breakout to the downside, confirming a change in trend. The S&P supply zone acted as a strong resistance, rejecting the price back into a descending channel.
Currently, price is respecting the channel structure and has failed to break above minor resistance. The short-term outlook points to a bearish continuation, with a likely move toward the 3,321.89 support.
A clean break below this level could open the way for a deeper push into the 3,314.44 demand zone.
📉 Bearish bias remains intact while trading below the supply zone.
📈 Bullish invalidation would require a breakout above the channel and the S&P zone.
Telegram channel: t.me/melikatrader94
Forex telegram channel: t.me/melikatrader94GoldForex
Forex telegram channel: 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.
Telegram channel: t.me/melikatrader94
Forex telegram channel: t.me/melikatrader94GoldForex
Forex telegram channel: 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.