Gold has been in a clear downtrend after facing a strong rejection around the 3,438 level (main resistance zone). Price is currently moving within a descending channel, confirming the formation of lower highs and lower lows – a classic bearish market structure.
Currently, Gold is trading near 3,306, facing resistance at 3,339 (marked as a possible lower high). If price fails to break above this level and sustain, there is a strong probability of continuation towards 3,249 and even 3,216.
Key Technical Highlights
- Immediate Resistance: 3,339 – 3,353
- Support Levels: 3,301 (short-term), 3,249, and 3,216
A rejection near 3,339 can lead to another leg down targeting 3,249 and 3,216. However, a strong breakout above 3,339–3,353 could temporarily shift momentum towards 3,394.
Note
Please risk management in trading is a Key so use your money accordingly. If you like the idea then please like and boost. Thank you and Good Luck!
Currently, Gold is trading near 3,306, facing resistance at 3,339 (marked as a possible lower high). If price fails to break above this level and sustain, there is a strong probability of continuation towards 3,249 and even 3,216.
Key Technical Highlights
- Immediate Resistance: 3,339 – 3,353
- Support Levels: 3,301 (short-term), 3,249, and 3,216
A rejection near 3,339 can lead to another leg down targeting 3,249 and 3,216. However, a strong breakout above 3,339–3,353 could temporarily shift momentum towards 3,394.
Note
Please risk management in trading is a Key so use your money accordingly. If you like the idea then please like and boost. Thank you and Good Luck!
Trade active
Gold rejection near $3,310 to resume bearish momentum targeting $3,270–$3,240.
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.