1. What Happened Yesterday
After an anemic correction that formed a bearish flag, Gold finally broke below 3300 and even dipped under the 3280 support zone — which was my primary downside target. While the move during the day didn’t have enough momentum to reach my second sell limit, I was already in a low-volume short position, so I didn’t miss the move entirely.
2. The Key Question
Has the drop ended, or are we looking at further downside?
3. Why I Expect More Downside
• The overall structure remains bearish.
• The newly formed resistance (previous support) is now the new sell zone.
• If the price drops towards 3280 again, continuation to 3250 becomes very probable.
4. Trading Plan
Selling rallies remains the preferred strategy, especially on spikes into resistance. As long as the price stays below 3335-3340 zone, the bearish outlook remains intact.
5. Conclusion
Sell the rallies. The technical picture still favors downside continuation — no need to overcomplicate it. 🚀
Disclosure: I am part of TradeNation's Influencer program and receive a monthly fee for using their TradingView charts in my analyses and educational articles.
After an anemic correction that formed a bearish flag, Gold finally broke below 3300 and even dipped under the 3280 support zone — which was my primary downside target. While the move during the day didn’t have enough momentum to reach my second sell limit, I was already in a low-volume short position, so I didn’t miss the move entirely.
2. The Key Question
Has the drop ended, or are we looking at further downside?
3. Why I Expect More Downside
• The overall structure remains bearish.
• The newly formed resistance (previous support) is now the new sell zone.
• If the price drops towards 3280 again, continuation to 3250 becomes very probable.
4. Trading Plan
Selling rallies remains the preferred strategy, especially on spikes into resistance. As long as the price stays below 3335-3340 zone, the bearish outlook remains intact.
5. Conclusion
Sell the rallies. The technical picture still favors downside continuation — no need to overcomplicate it. 🚀
Disclosure: I am part of TradeNation's Influencer program and receive a monthly fee for using their TradingView charts in my analyses and educational articles.
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After an initial drop from my sell zone, Gold recovered quickly and is now trading back at resistance.I suspect the up correction will go deeper and the confluence resistance zone will fall
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
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.
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
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.