Gold has shown strong bullish momentum in recent months, but it looks like the bulls may be losing steam. Here's a detailed breakdown of the current technical setup:
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Key Zones to Watch:
Major Supply Zone (Resistance): 3314.60 – 3400.00
Gold got rejected multiple times at this level, forming a solid resistance and visible supply area. Strong bearish candles are forming after testing this zone.
Immediate Support: 2976.00
Price previously bounced off this level, but if the bears maintain control, we could see this level tested again soon.
Major Demand Zone: 2614.36 – This zone provided a strong base for the last bullish rally. If 2976 breaks, this could be our next target zone.
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Bearish Signals:
Multiple rejections at the supply zone
Bearish engulfing and momentum candlesticks forming
Lower highs starting to form
Breakdown potential towards 2976 and possibly 2614
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Possible Scenarios:
1. Bearish Continuation:
A daily close below 2976 could trigger a sharp drop toward 2614, especially with upcoming U.S. economic data (highlighted by the icon on the chart).
Look for volume confirmation and retest before entering shorts.
2. Bullish Defense (Invalidation):
If bulls defend 2976 strongly and reclaim 3314 with volume, we might see another run at the highs.
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My Bias: Bearish below 2976
Trade Idea:
Short on pullback if price closes below 2976
SL above recent highs
TP at 2614 zone
---
What’s Your Take?
Are you buying the dip or riding the bearish wave? Drop your analysis or chart in the comments!
#XAUUSD #Gold #TradingView #PriceAction #Forex #SwingTrade #TechnicalAnalysis
---
Key Zones to Watch:
Major Supply Zone (Resistance): 3314.60 – 3400.00
Gold got rejected multiple times at this level, forming a solid resistance and visible supply area. Strong bearish candles are forming after testing this zone.
Immediate Support: 2976.00
Price previously bounced off this level, but if the bears maintain control, we could see this level tested again soon.
Major Demand Zone: 2614.36 – This zone provided a strong base for the last bullish rally. If 2976 breaks, this could be our next target zone.
---
Bearish Signals:
Multiple rejections at the supply zone
Bearish engulfing and momentum candlesticks forming
Lower highs starting to form
Breakdown potential towards 2976 and possibly 2614
---
Possible Scenarios:
1. Bearish Continuation:
A daily close below 2976 could trigger a sharp drop toward 2614, especially with upcoming U.S. economic data (highlighted by the icon on the chart).
Look for volume confirmation and retest before entering shorts.
2. Bullish Defense (Invalidation):
If bulls defend 2976 strongly and reclaim 3314 with volume, we might see another run at the highs.
---
My Bias: Bearish below 2976
Trade Idea:
Short on pullback if price closes below 2976
SL above recent highs
TP at 2614 zone
---
What’s Your Take?
Are you buying the dip or riding the bearish wave? Drop your analysis or chart in the comments!
#XAUUSD #Gold #TradingView #PriceAction #Forex #SwingTrade #TechnicalAnalysis
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✅ AUTOMATED BOT: bot.frankfxx.com/
✅ICMARKETS frankfxx.com/icmarkets
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✅ XM frankfxx.com/xm
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.