🔹Gold (XAU/USD) – 30-Minute Chart Technical Analysis
▪️Market Structure:
Gold is showing early signs of a bearish shift, having broken below a short-term upward trendline. Price is currently testing a minor support level around $3,350.
▪️Key Levels:
* Minor Support Level: $3,345-$3,352
* Target Area: $3,308-$3,312
▪️Price Action Insight:
The break of the ascending trendline suggests weakening bullish momentum. A minor retest of the broken trendline appears to have failed, confirming potential for a bearish continuation. Volume supports the bearish sentiment, with increased selling pressure during the breakdown.
▪️Outlook:
If price sustains below the $3,350 support level, a move toward the $3,308-$3,312 target area is likely. Traders should look for a clean breakdown and retest of support turned resistance for short opportunities.
📌 Conclusion:
A bearish move is favored below $3,350, with $3,308 as a key downside target. Caution is warranted if bulls reclaim the broken trendline, which could invalidate the setup.
🔹Community Insight:
If you find this analysis helpful in your trading journey, feel free to share your thoughts or questions in the comments. Let’s work together to maintain a disciplined, technical approach to the markets.
▪️Follow for regular updates and trade setups.
▪️Market Structure:
Gold is showing early signs of a bearish shift, having broken below a short-term upward trendline. Price is currently testing a minor support level around $3,350.
▪️Key Levels:
* Minor Support Level: $3,345-$3,352
* Target Area: $3,308-$3,312
▪️Price Action Insight:
The break of the ascending trendline suggests weakening bullish momentum. A minor retest of the broken trendline appears to have failed, confirming potential for a bearish continuation. Volume supports the bearish sentiment, with increased selling pressure during the breakdown.
▪️Outlook:
If price sustains below the $3,350 support level, a move toward the $3,308-$3,312 target area is likely. Traders should look for a clean breakdown and retest of support turned resistance for short opportunities.
📌 Conclusion:
A bearish move is favored below $3,350, with $3,308 as a key downside target. Caution is warranted if bulls reclaim the broken trendline, which could invalidate the setup.
🔹Community Insight:
If you find this analysis helpful in your trading journey, feel free to share your thoughts or questions in the comments. Let’s work together to maintain a disciplined, technical approach to the markets.
▪️Follow for regular updates and trade setups.
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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.