Gold (XAUUSD) has shown clear signs of weakness after multiple failed attempts to break above resistance. The descending trendline acted as a strong dynamic resistance, leading to a sharp sell-off. The projected path suggests further downside movement, with increasing bearish momentum.
📊 Technical Breakdown:
✅ Rejection at Resistance: Price failed to break above the key resistance area, confirming a bearish structure.
✅ Lower Highs Formation: A series of lower highs indicate sellers are gaining control.
✅ Trendline Holding Strong: The curved descending trendline has successfully rejected price action multiple times.
✅ Breakdown Underway: The recent drop confirms sellers stepping in aggressively.
📉 Possible Targets:
1️⃣ Next Key Support: $2,850 - $2,820 zone could act as a short-term demand area.
2️⃣ Deeper Selloff: If momentum persists, a drop toward $2,780 is on the table.
📢 Trading Plan:
🔹 Bearish Bias: Look for pullbacks toward resistance for potential short entries.
🔹 Bullish Reversal? Only a sustained break above $2,910 would shift the bias.
⚡ Do you see Gold dropping further or reversing soon? Comment below!
#XAUUSD #Gold #Trading #TechnicalAnalysis #Forex #Metals
📊 Technical Breakdown:
✅ Rejection at Resistance: Price failed to break above the key resistance area, confirming a bearish structure.
✅ Lower Highs Formation: A series of lower highs indicate sellers are gaining control.
✅ Trendline Holding Strong: The curved descending trendline has successfully rejected price action multiple times.
✅ Breakdown Underway: The recent drop confirms sellers stepping in aggressively.
📉 Possible Targets:
1️⃣ Next Key Support: $2,850 - $2,820 zone could act as a short-term demand area.
2️⃣ Deeper Selloff: If momentum persists, a drop toward $2,780 is on the table.
📢 Trading Plan:
🔹 Bearish Bias: Look for pullbacks toward resistance for potential short entries.
🔹 Bullish Reversal? Only a sustained break above $2,910 would shift the bias.
⚡ Do you see Gold dropping further or reversing soon? Comment below!
#XAUUSD #Gold #Trading #TechnicalAnalysis #Forex #Metals
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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.
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.