🔹 Technical Analysis: Gold (XAU/USD) – Daily Chart
▪️ Resistance Zone: Price is struggling below the $3,390-$3,430 area, which has consistently acted as strong supply, rejecting bullish attempts.
▪️ Demand & Support Zones: The immediate demand zone lies around $3,270-$3,300. A clean breakdown below this could push price toward the broader support area around $3,160-$3,180.
▪️ Market Structure: After multiple failed breakouts near resistance, price is consolidating within a narrowing range. If the current demand fails to hold, a deeper correction may follow.
▪️ Scenario Outlook:
▫️Bullish Case: A strong bullish candle reclaiming above $3,375 could revive upward momentum.
▫️ Bearish Case: Breakdown below the demand zone opens downside risk toward $3,160 and possibly lower.
▪️ Bias: Neutral-to-bearish, with downside pressure building unless bulls reclaim resistance.
🔹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.
▪️ Resistance Zone: Price is struggling below the $3,390-$3,430 area, which has consistently acted as strong supply, rejecting bullish attempts.
▪️ Demand & Support Zones: The immediate demand zone lies around $3,270-$3,300. A clean breakdown below this could push price toward the broader support area around $3,160-$3,180.
▪️ Market Structure: After multiple failed breakouts near resistance, price is consolidating within a narrowing range. If the current demand fails to hold, a deeper correction may follow.
▪️ Scenario Outlook:
▫️Bullish Case: A strong bullish candle reclaiming above $3,375 could revive upward momentum.
▫️ Bearish Case: Breakdown below the demand zone opens downside risk toward $3,160 and possibly lower.
▪️ Bias: Neutral-to-bearish, with downside pressure building unless bulls reclaim resistance.
🔹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.
Trade active
from 3297Trade closed: target reached
price touched 3360, 630 pips+
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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.
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.