Gold (XAUUSD) is pressing deep into key daily support around $3,275 after a sharp drop from the $3,450s. The daily trendline that’s defined this bullish run since January is now being tested for the first time in months, signaling a possible structural shift.
On the Daily chart, price has decisively broken below the mid-range of the recent consolidation box and is holding near trendline support.
On the 4H and 1H, bearish impulsive waves have formed clear lower highs and lower lows, with the current move stalling at the support zone around $3,265–$3,275.
The 23M chart shows tight consolidation just above this support area, suggesting a potential breakdown if sellers stay in control.
📌 If this level gives way, watch for price to move quickly toward the next major support near $3,150–$3,200. Bulls must reclaim $3,300+ and break above the descending trendline to flip the bias back to bullish.
🚨 Current Bias: Bearish below $3,300; watching for confirmation of breakdown or strong reversal signals.
On the Daily chart, price has decisively broken below the mid-range of the recent consolidation box and is holding near trendline support.
On the 4H and 1H, bearish impulsive waves have formed clear lower highs and lower lows, with the current move stalling at the support zone around $3,265–$3,275.
The 23M chart shows tight consolidation just above this support area, suggesting a potential breakdown if sellers stay in control.
📌 If this level gives way, watch for price to move quickly toward the next major support near $3,150–$3,200. Bulls must reclaim $3,300+ and break above the descending trendline to flip the bias back to bullish.
🚨 Current Bias: Bearish below $3,300; watching for confirmation of breakdown or strong reversal signals.
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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.