FUNDAMENTAL ANALYSIS
Are you ready to capitalize on the impending short-term correction in Gold? XAUUSD is flashing clear sell signals from the 3390 to 3370 zone, setting the stage for a profitable bearish move. Don't miss this chance to ride the downward momentum!
Here's why we anticipate Gold's descent to 3370:
The Ceiling is Here: Key Resistance at 3390-3400
Gold has been grappling with strong resistance in the 3390-3400 area. This level represents a critical juncture where bullish momentum is consistently capped. Multiple attempts to breach this ceiling have been met with selling pressure, indicating a clear supply zone. As long as XAUUSD remains beneath this formidable barrier, the path of least resistance is to the downside
Technical Exhaustion: After a notable rally, Gold is showing signs of being overextended. The recent consolidation around current levels suggests buyer exhaustion and a lack of conviction to push higher. This often precedes a short-term correction to digest recent gains.
Dollar Strength Brewing: While the US Dollar has seen some recent weakness, there are underlying signals that a rebound could be on the horizon. A strengthening Greenback typically exerts downward pressure on dollar-denominated assets like Gold, making it more expensive for international buyers and reducing demand. Keep an eye on the DXY for confirmation.
Targeting the Support Zone: The Path to 3370
Our immediate target for this bearish impulse is the key support zone around 3370. This level is not arbitrary; it aligns with:
Previous Price Action: This level has historically acted as both a support and resistance pivot, making it a significant area of interest for market participants.
Fibonacci Retracement Levels: Depending on the swing high from which we're retracing, 3370 often aligns with a significant Fibonacci retracement level, indicating a probable area for a bounce or temporary halt in the downtrend.
Dynamic Support (e.g., Short-term EMAs): Falling prices are likely to find their first significant bounce around the 50-period Exponential Moving Average (EMA) on shorter timeframes, which often converges around this 3370 level.
Trade with conviction and precision! The bearish short trend in XAUUSD from 3390 offers a compelling opportunity for sellers to target the 3370 support. Prepare to act decisively as the market unfolds.
ENTRY POINT 3390
TARGET 3370
STOPLOSS 3400
Are you ready to capitalize on the impending short-term correction in Gold? XAUUSD is flashing clear sell signals from the 3390 to 3370 zone, setting the stage for a profitable bearish move. Don't miss this chance to ride the downward momentum!
Here's why we anticipate Gold's descent to 3370:
The Ceiling is Here: Key Resistance at 3390-3400
Gold has been grappling with strong resistance in the 3390-3400 area. This level represents a critical juncture where bullish momentum is consistently capped. Multiple attempts to breach this ceiling have been met with selling pressure, indicating a clear supply zone. As long as XAUUSD remains beneath this formidable barrier, the path of least resistance is to the downside
Technical Exhaustion: After a notable rally, Gold is showing signs of being overextended. The recent consolidation around current levels suggests buyer exhaustion and a lack of conviction to push higher. This often precedes a short-term correction to digest recent gains.
Dollar Strength Brewing: While the US Dollar has seen some recent weakness, there are underlying signals that a rebound could be on the horizon. A strengthening Greenback typically exerts downward pressure on dollar-denominated assets like Gold, making it more expensive for international buyers and reducing demand. Keep an eye on the DXY for confirmation.
Targeting the Support Zone: The Path to 3370
Our immediate target for this bearish impulse is the key support zone around 3370. This level is not arbitrary; it aligns with:
Previous Price Action: This level has historically acted as both a support and resistance pivot, making it a significant area of interest for market participants.
Fibonacci Retracement Levels: Depending on the swing high from which we're retracing, 3370 often aligns with a significant Fibonacci retracement level, indicating a probable area for a bounce or temporary halt in the downtrend.
Dynamic Support (e.g., Short-term EMAs): Falling prices are likely to find their first significant bounce around the 50-period Exponential Moving Average (EMA) on shorter timeframes, which often converges around this 3370 level.
Trade with conviction and precision! The bearish short trend in XAUUSD from 3390 offers a compelling opportunity for sellers to target the 3370 support. Prepare to act decisively as the market unfolds.
ENTRY POINT 3390
TARGET 3370
STOPLOSS 3400
forex expert, with years of trading market experience. you can join my telegram channel for further assistance. t.me/xauusdgoldsignals56
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you can also join xness via my link one.exnesstrack.org/a/lb8ut6oczq
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.
forex expert, with years of trading market experience. you can join my telegram channel for further assistance. t.me/xauusdgoldsignals56
you can also join xness via my link one.exnesstrack.org/a/lb8ut6oczq
you can also join xness via my link one.exnesstrack.org/a/lb8ut6oczq
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.