Gold is currently trading at $3,383, right inside a major daily supply zone between $3,370–$3,403, as identified by the LuxAlgo Visible Range. Price has tested this zone multiple times and is now showing signs of exhaustion.
🔍 Key Technical Highlights:
🔹 Strong Daily Supply Zone (Resistance):
Price is currently consolidating inside a key supply zone where previous rejections have occurred. The repeated failure to break above this level may trigger a bearish move soon.
🔹 Double Top / Triple Tap Formation:
Price action is hinting at a potential double top or distribution phase, which often signals a major reversal pattern.
🔹 Bearish Targets in Sight:
If price breaks below the minor support at $3,350:
🔻 Target 1: $2,997 – Previous strong demand zone and support.
🔻 Target 2: $2,602 – Critical demand zone with historical buying pressure.
🧠 Market Sentiment:
Gold has been in a strong uptrend since November 2024, but the momentum is now stalling at a psychological barrier. With potential bearish divergence forming and economic data releases ahead (📰 US economic news event marked), bulls might take profits, leading to a deeper pullback.
⚠️ Trading Plan:
📌 Sell Zone: $3,380–$3,400
🎯 Take Profits: $3,000, $2,600
🛑 Invalidation: Clean break above $3,410 with strong volume
💬 What’s your take on gold – is this a trap or the beginning of a major drop? Comment below! 👇
🔔 Follow for daily trade setups and live market insights!
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