Gold (XAU/USD) has recently tested a key resistance zone around $2,990, where price action is showing signs of rejection. The market made a strong bullish push, but the momentum appears to be fading near this supply zone.
📉 Possible Scenario:
A bearish reaction from this resistance level could lead to a retracement towards the next key demand zone between $2,860 - $2,840.
If selling pressure continues, we might even see a retest of the $2,822 support level.
🔍 Technical Outlook:
Price is currently at a resistance zone, making it a high-probability short setup.
Confirmation with bearish candles or trendline breaks could provide more confidence for sell entries.
Targets for shorts are set at $2,860 and potentially $2,822.
💡 Trading Plan:
Look for bearish confirmations (rejections, engulfing patterns, trendline breaks) before entering short trades.
A daily close above $3,000 would invalidate this setup and could signal further bullish movement.
What do you think? Are you bearish or bullish on Gold? Drop your thoughts in the comments! 📊🔥
📉 Possible Scenario:
A bearish reaction from this resistance level could lead to a retracement towards the next key demand zone between $2,860 - $2,840.
If selling pressure continues, we might even see a retest of the $2,822 support level.
🔍 Technical Outlook:
Price is currently at a resistance zone, making it a high-probability short setup.
Confirmation with bearish candles or trendline breaks could provide more confidence for sell entries.
Targets for shorts are set at $2,860 and potentially $2,822.
💡 Trading Plan:
Look for bearish confirmations (rejections, engulfing patterns, trendline breaks) before entering short trades.
A daily close above $3,000 would invalidate this setup and could signal further bullish movement.
What do you think? Are you bearish or bullish on Gold? Drop your thoughts in the comments! 📊🔥
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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.
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.