Gold is still trading inside a descending channel, respecting lower highs and lower lows. Currently, price is testing the short-term descending wedge, with a possible pullback into the 3340–3350 resistance zone (highlighted in grey).
As long as price remains below this resistance and the channel trendline, the bias remains bearish, and we could see another leg down toward 3240–3220 in the coming sessions.
Key Points:
Price respecting bearish structure.
Short-term pullback expected into resistance.
Sellers likely to step in below 3350.
Downside targets: 3260 → 3240 → 3220.
Bias: Bearish below 3350
As long as price remains below this resistance and the channel trendline, the bias remains bearish, and we could see another leg down toward 3240–3220 in the coming sessions.
Key Points:
Price respecting bearish structure.
Short-term pullback expected into resistance.
Sellers likely to step in below 3350.
Downside targets: 3260 → 3240 → 3220.
Bias: Bearish below 3350
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.