Key Levels:
Resistance Levels:
$3,035.81: Marked as a strong resistance level (selling zone).
$3,057.42: The highest resistance level, which could act as a rejection point.
Support Levels:
$3,001.90: First support level, where price might pause before continuing downward.
$2,982.88 - $2,982.53: The next support zone, highlighted as a potential target.
$2,960.08: A deeper support area where price may find strong buying interest.
Selling Zone & Expected Movement:
Selling Zone (Highlighted in Gray): This is an area between $3,035 - $3,057, where sellers are expected to enter the market.
Projected Price Movement:
The price is currently trading around $3,015.15.
If it moves back into the selling zone ($3,035 - $3,057) and fails to break higher, it could face strong resistance.
A downward move is expected from this zone, targeting $3,001.90, then potentially falling to $2,982.88 - $2,982.53.
If bearish pressure continues, the final target could be $2,960.08.Trading Strategy:
Short Position (Sell) Setup:
Entry: Around $3,035 - $3,057 (selling zone).
Stop-Loss: Above $3,057, to protect against a breakout.
Take-Profit Levels:
First target: $3,001.90
Second target: $2,982.88 - $2,982.53
Final target: $2,960.08 (if the bearish trend continues).
Confirmation Before Entry:
Look for bearish candlestick patterns (like rejection wicks, engulfing candles) in the selling zone before entering a short trade.
Check volume and momentum indicators to confirm weakness.
Conclusion:
The chart suggests a potential sell setup in the highlighted selling zone.
If price enters this zone and shows signs of rejection, a downward move toward $2,982 - $2,960 could follow.
However, if gold breaks above $3,057, it could invalidate the bearish setup and push higher.
Resistance Levels:
$3,035.81: Marked as a strong resistance level (selling zone).
$3,057.42: The highest resistance level, which could act as a rejection point.
Support Levels:
$3,001.90: First support level, where price might pause before continuing downward.
$2,982.88 - $2,982.53: The next support zone, highlighted as a potential target.
$2,960.08: A deeper support area where price may find strong buying interest.
Selling Zone & Expected Movement:
Selling Zone (Highlighted in Gray): This is an area between $3,035 - $3,057, where sellers are expected to enter the market.
Projected Price Movement:
The price is currently trading around $3,015.15.
If it moves back into the selling zone ($3,035 - $3,057) and fails to break higher, it could face strong resistance.
A downward move is expected from this zone, targeting $3,001.90, then potentially falling to $2,982.88 - $2,982.53.
If bearish pressure continues, the final target could be $2,960.08.Trading Strategy:
Short Position (Sell) Setup:
Entry: Around $3,035 - $3,057 (selling zone).
Stop-Loss: Above $3,057, to protect against a breakout.
Take-Profit Levels:
First target: $3,001.90
Second target: $2,982.88 - $2,982.53
Final target: $2,960.08 (if the bearish trend continues).
Confirmation Before Entry:
Look for bearish candlestick patterns (like rejection wicks, engulfing candles) in the selling zone before entering a short trade.
Check volume and momentum indicators to confirm weakness.
Conclusion:
The chart suggests a potential sell setup in the highlighted selling zone.
If price enters this zone and shows signs of rejection, a downward move toward $2,982 - $2,960 could follow.
However, if gold breaks above $3,057, it could invalidate the bearish setup and push higher.
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.