Gold Spot (XAU/USD) indicates a potential continuation of the current downtrend.
🔹 Sell Limit at 3082: A significant level where a sell order was placed, marking the start of the recent decline.
🔹 Strong Downtrend: After rejecting the 3082 level, gold has been making lower highs and lower lows, confirming bearish momentum.
🔹 Support & Target Zone: Price is approaching a key support area near 2880-2900, which aligns with the marked target level.
📉 Bearish Outlook:
If the price breaks below the current support, further downside is expected.
A potential bounce could occur at the target zone before a trend reversal.
💡 Key Levels to Watch:
Resistance: 3082
Support/Target: 2880-2900
Traders should monitor price action at support to determine if further downside is likely or if buyers step in for a potential reversal.
What’s your outlook on gold? Will the bearish trend continue? 📉💰
🔹 Sell Limit at 3082: A significant level where a sell order was placed, marking the start of the recent decline.
🔹 Strong Downtrend: After rejecting the 3082 level, gold has been making lower highs and lower lows, confirming bearish momentum.
🔹 Support & Target Zone: Price is approaching a key support area near 2880-2900, which aligns with the marked target level.
📉 Bearish Outlook:
If the price breaks below the current support, further downside is expected.
A potential bounce could occur at the target zone before a trend reversal.
💡 Key Levels to Watch:
Resistance: 3082
Support/Target: 2880-2900
Traders should monitor price action at support to determine if further downside is likely or if buyers step in for a potential reversal.
What’s your outlook on gold? Will the bearish trend continue? 📉💰
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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.
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.