Gold (XAU/USD)* shows a clear bearish trend with a *strong sell zone* marked near *3,028*, indicating a potential resistance area where selling pressure may increase. The chart highlights several key *support zones* (marked with *green arrows*), where the price previously bounced, suggesting that these areas may act as significant support levels if the price moves downward.
The *red arrow* marks a previous rejection at the *strong sell zone*, confirming that the market is likely facing resistance at this level. After testing the *strong sell zone*, the price began to decline, creating a *descending trendline*, shown by the blue line, indicating the ongoing bearish movement.
if the price breaks below the current support area around *2,975* and the lower *2,925* region, further downside movement could be expected, with the potential for a significant decline. The *strong sell zone* near *3,028* remains a key resistance level, and traders may look for sell opportunities near this zone.
Overall, the chart points toward a bearish outlook for Gold, with potential targets near *2,975* and *2,925*, depending on how the market reacts to the support levels and the overall trend. Traders should be cautious near the *strong sell zone* and be ready for a possible breakdown if the price continues to face resistance.
The *red arrow* marks a previous rejection at the *strong sell zone*, confirming that the market is likely facing resistance at this level. After testing the *strong sell zone*, the price began to decline, creating a *descending trendline*, shown by the blue line, indicating the ongoing bearish movement.
if the price breaks below the current support area around *2,975* and the lower *2,925* region, further downside movement could be expected, with the potential for a significant decline. The *strong sell zone* near *3,028* remains a key resistance level, and traders may look for sell opportunities near this zone.
Overall, the chart points toward a bearish outlook for Gold, with potential targets near *2,975* and *2,925*, depending on how the market reacts to the support levels and the overall trend. Traders should be cautious near the *strong sell zone* and be ready for a possible breakdown if the price continues to face resistance.
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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.