Resistance Zone: The price is testing a key resistance level around $3,085 (marked in green).
Rejection Signal: The chart indicates a potential double-top or liquidity grab near resistance, suggesting selling pressure.
Downside Target: The forecasted bearish move aims for support near $3,060 (highlighted in red).
Confirmation Needed: If gold fails to break above the resistance and forms a lower high, a drop towards $3,060 could be expected.
Forecast: A short-term pullback towards $3,060 is likely if the resistance holds. However, if gold breaks above $3,085 with strong momentum, the bearish outlook may be invalidated. Traders should watch for confirmation before taking positions.
Rejection Signal: The chart indicates a potential double-top or liquidity grab near resistance, suggesting selling pressure.
Downside Target: The forecasted bearish move aims for support near $3,060 (highlighted in red).
Confirmation Needed: If gold fails to break above the resistance and forms a lower high, a drop towards $3,060 could be expected.
Forecast: A short-term pullback towards $3,060 is likely if the resistance holds. However, if gold breaks above $3,085 with strong momentum, the bearish outlook may be invalidated. Traders should watch for confirmation before taking positions.
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.
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.