1. Double Top Resistance
The chart identifies a "double top" near the current level. This is typically a strong bearish reversal pattern.
If price fails to convincingly break above this level (around 3,310–3,320), it may indicate a loss of bullish momentum.
2. Overextended Move
Recent candles show a steep rally (notably the 3.03 move), which may be overbought on lower timeframes (e.g., RSI likely >70).
Parabolic moves are often followed by sharp corrections.
3. Support Cluster Vulnerability
The red shaded support zones could act as liquidity traps. If price dips into those zones and fails to bounce, it may trigger sell-offs.
Especially the zone just below the current price — if broken — could accelerate downside toward the "Strong Support Area" around 3,270.
4. False Breakout Risk
The chart identifies a "double top" near the current level. This is typically a strong bearish reversal pattern.
If price fails to convincingly break above this level (around 3,310–3,320), it may indicate a loss of bullish momentum.
2. Overextended Move
Recent candles show a steep rally (notably the 3.03 move), which may be overbought on lower timeframes (e.g., RSI likely >70).
Parabolic moves are often followed by sharp corrections.
3. Support Cluster Vulnerability
The red shaded support zones could act as liquidity traps. If price dips into those zones and fails to bounce, it may trigger sell-offs.
Especially the zone just below the current price — if broken — could accelerate downside toward the "Strong Support Area" around 3,270.
4. False Breakout Risk
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Disclaimer
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t.me/Gold_trading_signals6
IF YOU WANT TO KILL GOLD MARKET SO JOIN OUR CHANNEL NOW
TP AND SL DAILY 100% CONFIRM SIGNAL 0 ℅ RISK
t.me/Gold_trading_signals6
IF YOU WANT TO KILL GOLD MARKET SO JOIN OUR CHANNEL NOW
TP AND SL DAILY 100% CONFIRM SIGNAL 0 ℅ RISK
t.me/Gold_trading_signals6
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.