Gold Bearish Crab Signals Potential Reversal!
XAUUSD Gold is currently testing a critical resistance zone near $2,947, where a Bearish Crab harmonic pattern has formed. This structure suggests potential downside risk as price approaches exhaustion at this key level.
🔹 Technical Breakdown:
📌 Resistance: $2,956
📌 Bearish Crab PRZ (Potential Reversal Zone): $2,947
📌 Support Levels: $2,916 → $2,795
If gold fails to break and hold above $2,947, we could see a pullback toward $2,795, aligning with the monthly fractal resistance. However, a sustained move above $2,956 would invalidate the bearish scenario, potentially opening the door for further upside.
Happy Trading,
André Cardoso
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I am a financial market analyst based in Porto, Portugal. I provide market forecasts to a group of professional traders, playing a crucial role in assisting them in making well-informed decisions in the financial markets.
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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.
I am a financial market analyst based in Porto, Portugal. I provide market forecasts to a group of professional traders, playing a crucial role in assisting them in making well-informed decisions in the financial markets.
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.