1. Current Price & Resistance Zone:
Gold is trading at $3,089.535 and has just touched a key resistance level.
The price appears to be facing rejection at this zone, indicating potential downside movement.
2. Bearish Forecast:
The analysis suggests that gold may experience a pullback towards the $3,058.292 support level.
A series of lower highs and lower lows are projected, confirming a potential bearish trend.
3. Trading Considerations:
Bearish Confirmation: A clear rejection from resistance and strong selling pressure could validate the downward move.
Support Retest: If the price reaches $3,058, it could either bounce back or break lower for further downside.
Reversal Possibility: If gold holds above resistance and breaks higher, the bearish outlook may be invalidated.
Gold is trading at $3,089.535 and has just touched a key resistance level.
The price appears to be facing rejection at this zone, indicating potential downside movement.
2. Bearish Forecast:
The analysis suggests that gold may experience a pullback towards the $3,058.292 support level.
A series of lower highs and lower lows are projected, confirming a potential bearish trend.
3. Trading Considerations:
Bearish Confirmation: A clear rejection from resistance and strong selling pressure could validate the downward move.
Support Retest: If the price reaches $3,058, it could either bounce back or break lower for further downside.
Reversal Possibility: If gold holds above resistance and breaks higher, the bearish outlook may be invalidated.
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.