Gold is back at a major supply zone between $3,340 – $3,400, where we’ve seen repeated rejection. The price is currently reacting to this area with visible weakness, forming a potential double top setup.
Here’s what I’m watching:
Strong supply zone (highlighted in blue) has acted as a ceiling since early May.
Price is failing to break above $3,400 — a key psychological level.
If price breaks below $3,200, we could see a swift move to $3,067, then possibly $2,717.
Volume profile shows heavy resistance above and low volume voids below, indicating a vacuum for bearish momentum.
Why This Setup Matters:
Bearish confirmation below $3,200 opens the floodgates.
Two clear downside targets marked with red arrows.
FOMC, CPI, and other U.S. economic news ahead — perfect catalyst for volatility!
My Plan:
Watching for a 4H close below $3,200 for short confirmation.
Tight risk management above $3,340 supply zone.
TP1: $3,067
TP2: $2,717
Are you bearish or bullish on Gold right now? Drop your thoughts below and let’s talk strategy!
#XAUUSD #Gold #Forex #SupplyAndDemand #PriceAction #TechnicalAnalysis #FrankFx #SmartMoney #LiquidityGrab #GoldForecast #BearishSetup
Here’s what I’m watching:
Strong supply zone (highlighted in blue) has acted as a ceiling since early May.
Price is failing to break above $3,400 — a key psychological level.
If price breaks below $3,200, we could see a swift move to $3,067, then possibly $2,717.
Volume profile shows heavy resistance above and low volume voids below, indicating a vacuum for bearish momentum.
Why This Setup Matters:
Bearish confirmation below $3,200 opens the floodgates.
Two clear downside targets marked with red arrows.
FOMC, CPI, and other U.S. economic news ahead — perfect catalyst for volatility!
My Plan:
Watching for a 4H close below $3,200 for short confirmation.
Tight risk management above $3,340 supply zone.
TP1: $3,067
TP2: $2,717
Are you bearish or bullish on Gold right now? Drop your thoughts below and let’s talk strategy!
#XAUUSD #Gold #Forex #SupplyAndDemand #PriceAction #TechnicalAnalysis #FrankFx #SmartMoney #LiquidityGrab #GoldForecast #BearishSetup
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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.