Structure Overview:
After printing a multi-month high around 3,473, price has formed a clear rounded top followed by lower highs, showing weakening bullish momentum. Gold is now retesting a key structure zone near 3,270–3,275, which has acted as previous support several times.
📉 Key Technical Observations:
Trend: Short-term bearish within a broader consolidation
Support Zone: 3,270–3,250 (watch closely for a break)
Resistance Levels:
Minor: 3,340
Major: 3,390–3,400
📊 Scenario Outlook
🔻 Bearish Bias (Preferred Scenario)
If price closes below 3,270, expect:
Initial target: 3,210–3,220 zone (clean imbalance + previous resistance)
Secondary target: 3,130–3,150 (March structure break zone)
This would confirm a transition into a mid-term bearish leg unless a fakeout occurs.
🔺 Bullish Recovery (Alternative Scenario)
If price reclaims 3,305 with strength:
A move back toward 3,340–3,360 is possible
Needs volume + momentum confirmation, ideally with a bullish engulfing candle
⚠️ What to Watch
Daily candle close relative to 3,270
Reaction at 3,250–3,260 demand zone
Gold often sweeps key lows before reversing — watch for liquidity grab wicks
📌 Conclusion
Gold is sitting at a critical level — a confirmed close below 3,270 could open the doors for a deeper retracement toward March’s breakout levels. Until then, this remains a watch and react environment. Avoid chasing.
After printing a multi-month high around 3,473, price has formed a clear rounded top followed by lower highs, showing weakening bullish momentum. Gold is now retesting a key structure zone near 3,270–3,275, which has acted as previous support several times.
📉 Key Technical Observations:
Trend: Short-term bearish within a broader consolidation
Support Zone: 3,270–3,250 (watch closely for a break)
Resistance Levels:
Minor: 3,340
Major: 3,390–3,400
📊 Scenario Outlook
🔻 Bearish Bias (Preferred Scenario)
If price closes below 3,270, expect:
Initial target: 3,210–3,220 zone (clean imbalance + previous resistance)
Secondary target: 3,130–3,150 (March structure break zone)
This would confirm a transition into a mid-term bearish leg unless a fakeout occurs.
🔺 Bullish Recovery (Alternative Scenario)
If price reclaims 3,305 with strength:
A move back toward 3,340–3,360 is possible
Needs volume + momentum confirmation, ideally with a bullish engulfing candle
⚠️ What to Watch
Daily candle close relative to 3,270
Reaction at 3,250–3,260 demand zone
Gold often sweeps key lows before reversing — watch for liquidity grab wicks
📌 Conclusion
Gold is sitting at a critical level — a confirmed close below 3,270 could open the doors for a deeper retracement toward March’s breakout levels. Until then, this remains a watch and react environment. Avoid chasing.
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.