📉 Recent Move
Gold saw a sharp decline yesterday and into this morning, driven by a shift in market sentiment — possibly due to renewed appetite for risk assets.
However, the price has now posted a strong reaction off a key BULL OTE zone, drawn from the full move $2,960 → $3,500, which suggests this could be a healthy retracement in a broader bullish structure.
📌 Key Observations
📍 Bull OTE: Clean reaction from the optimal retracement zone, showing buyer interest at value.
⬜️ Supply Zone around $3,230 : This level has acted as a cap, and a re-entry into this range would be a strong sign of bullish continuation.
📉 Bear OTE rejection + supply cluster near $3,300 : Previous rejection from this area adds weight to the current downward pressure.
⚠️ Volume + RSI : Still neutral – watch for momentum confirmation on any breakout attempt.
🎯 Scenarios to Monitor
📈 Bullish Continuation
If the price reclaims the $3,230 range, we can consider the recent drop a clean correction. That would suggest the uptrend is ready to resume toward the $3,400–$3,500 zone.
📉 Risk-Off Shift
If gold fails to hold above the current OTE zone and breaks below $3,080, it could confirm a deeper profit-taking wave, possibly signaling a temporary shift back to risk-on assets like equities or crypto.
✅ Conclusion
We’re at a pivotal point:
Above $3,230 → bullish structure resumes
Below $3,080 → watch for more downside toward $3,000–$2,960
Gold remains technically bullish long-term, but the next 4H candles will be decisive for the short-to-mid-term momentum.
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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.