Gold just tapped a strong supply zone near $3,324 and is already showing signs of weakness. We’re seeing a potential double top pattern forming with a bearish rejection candle on the 15-min chart.
Key Levels to Watch:
Resistance/Supply Zone: $3,324 - $3,330 (Strong sellers here!)
First Support: $3,244 – If broken, look for bearish momentum to increase.
Demand Zone: $3,160 – $3,200 – This could be the next target for sellers.
Final Bearish Target: $3,148 zone.
Bias: Bearish unless bulls break and close above $3,330 with volume.
Why this matters:
Gold has had a strong bullish run but is now hitting historical supply.
Volume profile shows decreasing interest at the top – potential exhaustion?
RSI divergence showing weakness at highs (if confirmed by your indicators).
Watch for:
Break below $3,244 with momentum = short opportunity.
A retest and rejection at $3,324 could offer an ideal entry.
What’s your plan? Are you shorting gold from here or waiting for confirmation?
#XAUUSD #GoldAnalysis #TradingView #SupplyAndDemand #PriceAction #Forex #Commodities #TechnicalAnalysis #SwingTrading
Key Levels to Watch:
Resistance/Supply Zone: $3,324 - $3,330 (Strong sellers here!)
First Support: $3,244 – If broken, look for bearish momentum to increase.
Demand Zone: $3,160 – $3,200 – This could be the next target for sellers.
Final Bearish Target: $3,148 zone.
Bias: Bearish unless bulls break and close above $3,330 with volume.
Why this matters:
Gold has had a strong bullish run but is now hitting historical supply.
Volume profile shows decreasing interest at the top – potential exhaustion?
RSI divergence showing weakness at highs (if confirmed by your indicators).
Watch for:
Break below $3,244 with momentum = short opportunity.
A retest and rejection at $3,324 could offer an ideal entry.
What’s your plan? Are you shorting gold from here or waiting for confirmation?
#XAUUSD #GoldAnalysis #TradingView #SupplyAndDemand #PriceAction #Forex #Commodities #TechnicalAnalysis #SwingTrading
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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.