Gold Update – Has the Downside Ended or Just Taking a Break?📉 What happened yesterday on Gold (XAUUSD)
I started the day under a good omen – 🎯 my 3250 target being hit perfectly.
However, what initially looked like a standard correction turned into a stronger bounce.
Gold broke back above my re-selling zone and even pushed above 3310, triggering my stop loss, and worth nothing that we are now back under 3300- I take it like a man and move forward:).
❓ Has Gold finished with the downside, or is this just a pause before another drop?
🔍 Reasons to expect more downside:
- Although Gold reversed strongly from the 3250 support, the confluence resistance around 3330 capped the move, and sellers stepped in, dragging the price back under 3300.
- The fact that price returned to support so quickly signals weak bullish momentum – buyers couldn’t sustain the rally.
- Gold failed to stabilize above the 3330 zone, which would’ve been a key bullish sign – instead, it got rejected.
- And here’s the part that doesn’t sit right – Gold came back to the 3290 zone too easily, as if the market wanted to offer a second chance to buyers who missed the initial bounce. That usually doesn’t end well.
🧭 Trading Plan
I’m currently out of the market after the stop loss hit, but my bearish bias remains unchanged.
Watching the 3280–3290 area closely – if we drop back below, I’ll look to re-enter short trades.
🚀 Final thought
Yesterday’s move reminded me who’s boss – the market . But unless bulls break key resistance and hold above, the bearish case still has more to say.
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.
