📉 XAUUSD ANALYSIS – IS THE CORRECTION OFFICIALLY STARTING?
Gold has officially broken out of the bullish wave structure and left the rising price channel – an important technical signal that the bearish correction trend has been activated. This development opens up the possibility of retests of the broken trendline, and if that happens in today's session, this could be a good opportunity to look for SELL entry points in the new trend.
📌 Short-term trading strategy:
Potential selling zone: 3343 – 3345
Downside target: 3283 first, followed by the strong liquidity zone around 3250
Confirmation of bearish force: Price continues to maintain below the 3375 area – which will act as an important resistance level. Only when the daily candle closes back above this zone will the uptrend be re-established.
✅ Reverse buying strategy if there is a strong support signal:
Buy trigger zone: Observe the price reaction around the 3285 area - there needs to be a clear bearish rejection signal (pin bar/bullish engulfing candle...)
Deeper buying zone: 3251 - where liquidity is concentrated and there is a possibility of bottom-fishing demand appearing.
Gold has officially broken out of the bullish wave structure and left the rising price channel – an important technical signal that the bearish correction trend has been activated. This development opens up the possibility of retests of the broken trendline, and if that happens in today's session, this could be a good opportunity to look for SELL entry points in the new trend.
📌 Short-term trading strategy:
Potential selling zone: 3343 – 3345
Downside target: 3283 first, followed by the strong liquidity zone around 3250
Confirmation of bearish force: Price continues to maintain below the 3375 area – which will act as an important resistance level. Only when the daily candle closes back above this zone will the uptrend be re-established.
✅ Reverse buying strategy if there is a strong support signal:
Buy trigger zone: Observe the price reaction around the 3285 area - there needs to be a clear bearish rejection signal (pin bar/bullish engulfing candle...)
Deeper buying zone: 3251 - where liquidity is concentrated and there is a possibility of bottom-fishing demand appearing.
Trade active
Gold struggles to gather recovery momentum, holds above $3,300Gold is having a tough time attracting buyers and trading near $3,320 after having registered losses in four consecutive trading days. Although retreating US Treasury bond yields help XAU/USD limit its losses, the broad-based USD strength caps the pair's upside as focus shifts to US data.
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.
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.