Current Scenario
Gold has been falling continuously, forming lower highs and lower lows.
The recent up-move is a retracement to the Moving Average Resistance Zone (dynamic resistance cluster).
This zone coincides with a prior supply area, increasing the probability of rejection.
Volume analysis shows weakening bullish momentum, indicating a likely resumption of the downtrend.
Technical View
Price is facing rejection from the Moving Average ribbon (likely EMA cluster).
The broader trend remains bearish, confirmed by structure and volume dynamics.
Current retracement lacks strong buying volume, suggesting a weak bullish attempt.
This is typically a setup for an impulsive fall continuation.
Target Projection
Breakdown from current levels can trigger a sharp fall towards 3075.
Intermediate support exists at 3120 and 3100, but a decisive break will accelerate the down-move.
The price could fall aggressively as it did in previous impulse legs.
Key Levels to Watch
Level Type Price Zone
Resistance Zone 3180 - 3200
Intermediate Support 1 3120
Intermediate Support 2 3100
Expected Target 3075
Reverse Target Zone (Failure) Below 3070
Conclusion
As per chart structure, Gold is more likely to continue its bearish move after this minor retracement.
A breakdown below 3120 could trigger an impulsive fall towards the projected 3075 level.
Close monitoring of volume and price action at the current resistance is advised.
Disclaimer
This analysis is for educational purposes only and does not constitute investment advice. Trading in financial markets involves significant risk of loss and may not be suitable for all investors. Please conduct your own due diligence and consult your financial advisor before making any trading decisions. The author will not be held responsible for any losses incurred from trading based on this analysis.
Gold has been falling continuously, forming lower highs and lower lows.
The recent up-move is a retracement to the Moving Average Resistance Zone (dynamic resistance cluster).
This zone coincides with a prior supply area, increasing the probability of rejection.
Volume analysis shows weakening bullish momentum, indicating a likely resumption of the downtrend.
Technical View
Price is facing rejection from the Moving Average ribbon (likely EMA cluster).
The broader trend remains bearish, confirmed by structure and volume dynamics.
Current retracement lacks strong buying volume, suggesting a weak bullish attempt.
This is typically a setup for an impulsive fall continuation.
Target Projection
Breakdown from current levels can trigger a sharp fall towards 3075.
Intermediate support exists at 3120 and 3100, but a decisive break will accelerate the down-move.
The price could fall aggressively as it did in previous impulse legs.
Key Levels to Watch
Level Type Price Zone
Resistance Zone 3180 - 3200
Intermediate Support 1 3120
Intermediate Support 2 3100
Expected Target 3075
Reverse Target Zone (Failure) Below 3070
Conclusion
As per chart structure, Gold is more likely to continue its bearish move after this minor retracement.
A breakdown below 3120 could trigger an impulsive fall towards the projected 3075 level.
Close monitoring of volume and price action at the current resistance is advised.
Disclaimer
This analysis is for educational purposes only and does not constitute investment advice. Trading in financial markets involves significant risk of loss and may not be suitable for all investors. Please conduct your own due diligence and consult your financial advisor before making any trading decisions. The author will not be held responsible for any losses incurred from trading based on this analysis.
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.