Gold Outlook: Bearish Pressure Continues
Yesterday, Gold once again rebounded from the newly formed support around 2890. However, after reaching the 2920 resistance zone, the price started to decline again.
While the daily candle on the chart appears as a Doji, signaling indecision, overnight price action suggests renewed downside pressure, testing support once more.
The overall chart structure and price action indicate that this support level is likely to break. In my view, even the older technical support at 2880 may not hold.
🔹 Trading Strategy:
✅ Focus on selling rallies, with confirmation below support.
✅ Negation of the bearish bias only occurs if Gold moves above 2920 resistance.
✅ Target: A deeper correction towards 2850.
Stay disciplined and trade wisely! 📉
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analyses and educational articles.
While the daily candle on the chart appears as a Doji, signaling indecision, overnight price action suggests renewed downside pressure, testing support once more.
The overall chart structure and price action indicate that this support level is likely to break. In my view, even the older technical support at 2880 may not hold.
🔹 Trading Strategy:
✅ Focus on selling rallies, with confirmation below support.
✅ Negation of the bearish bias only occurs if Gold moves above 2920 resistance.
✅ Target: A deeper correction towards 2850.
Stay disciplined and trade wisely! 📉
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analyses and educational articles.
Trade active
XauUsd clearly broke under 2880 support and is dropping towards my 2850 target
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
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.
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
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.