Gold is currently trading around $3,229, struggling to break above a strong supply zone marked between $3,223 - $3,230. This area has acted as resistance multiple times, indicating heavy selling pressure.
Key Levels:
Supply Zone: $3,223 - $3,230 (Price rejection zone)
Immediate Support: $3,207
Next Support Zone: $3,093
Major Demand Zone: $2,990 - $2,960 (Marked in orange)
Market Structure:
The recent bullish rally has slowed down, forming lower highs at the resistance.
Watch out for a potential double top formation.
If price fails to break above $3,230, we could see a drop toward $3,207, followed by $3,093.
Bearish Scenario:
Rejection from current zone → Break of $3,207 → Possible slide toward $3,093
Further breakdown could open the way to the high-demand zone around $2,990
Bullish Breakout?
A clean 4H candle close above $3,230 with volume could trigger a breakout rally toward $3,250+
Bias: Neutral to Bearish (unless breakout confirms)
Stay cautious ahead of major U.S. news events this week (marked on the chart). Volatility could be high!
What’s your bias — breakout or pullback? Comment below!
#gold #xauusd #priceaction #forex #tradingview #supplyanddemand #smartmoney #technicalanalysis #goldanalysis #luxalgo
Key Levels:
Supply Zone: $3,223 - $3,230 (Price rejection zone)
Immediate Support: $3,207
Next Support Zone: $3,093
Major Demand Zone: $2,990 - $2,960 (Marked in orange)
Market Structure:
The recent bullish rally has slowed down, forming lower highs at the resistance.
Watch out for a potential double top formation.
If price fails to break above $3,230, we could see a drop toward $3,207, followed by $3,093.
Bearish Scenario:
Rejection from current zone → Break of $3,207 → Possible slide toward $3,093
Further breakdown could open the way to the high-demand zone around $2,990
Bullish Breakout?
A clean 4H candle close above $3,230 with volume could trigger a breakout rally toward $3,250+
Bias: Neutral to Bearish (unless breakout confirms)
Stay cautious ahead of major U.S. news events this week (marked on the chart). Volatility could be high!
What’s your bias — breakout or pullback? Comment below!
#gold #xauusd #priceaction #forex #tradingview #supplyanddemand #smartmoney #technicalanalysis #goldanalysis #luxalgo
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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.