On the 4-hour chart, GOLD has broken below the lower boundary of a pennant pattern on increasing volume, signaling potential for continued downside. Despite this, the asset remains within the confines of a bullish megaphone structure, whose boundaries are still intact. The EMA indicators (20/50/100/200) are aligned in a bearish sequence, exerting downward pressure. The price is consolidating below the $3295 level and is approaching key demand zones.
Near-Term Downside Targets:
- $3177 — Intermediate demand zone
- $3063 — Major support level
Technical Highlights:
- Breakdown from bearish pennant confirmed by volume
- Price action continues within the bullish megaphone pattern
- EMA 20/50/100/200 positioned above price, indicating overhead resistance
- Volume increases observed during downward moves
- Key buyer interest zone: $3060–$3080
- Resistance zone: $3295–$3305
Following the breakdown from the consolidation pattern, gold is exhibiting a downward trajectory targeting support zones at $3177 and $3063. The bearish scenario is technically confirmed as long as the price remains below $3295. However, the movement within the bullish megaphone structure warrants close monitoring for potential shifts in momentum.
Near-Term Downside Targets:
- $3177 — Intermediate demand zone
- $3063 — Major support level
Technical Highlights:
- Breakdown from bearish pennant confirmed by volume
- Price action continues within the bullish megaphone pattern
- EMA 20/50/100/200 positioned above price, indicating overhead resistance
- Volume increases observed during downward moves
- Key buyer interest zone: $3060–$3080
- Resistance zone: $3295–$3305
Following the breakdown from the consolidation pattern, gold is exhibiting a downward trajectory targeting support zones at $3177 and $3063. The bearish scenario is technically confirmed as long as the price remains below $3295. However, the movement within the bullish megaphone structure warrants close monitoring for potential shifts in momentum.
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🔗 Сайт totoshkatrades.com
👨🎓 Наш телеграм t.me/totoshkatrading
🉐 Платформы linktr.ee/totoshka55
💬 Наши контакты @Totoshkatips
👨🎓 Наш телеграм t.me/totoshkatrading
🉐 Платформы linktr.ee/totoshka55
💬 Наши контакты @Totoshkatips
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.