🔹 Technical Analysis:
Gold is currently testing a strong resistance zone at $2929–$2931. A failure to break above this level could trigger a bearish retracement towards the key support levels at $2902–$2894.
📉 Bearish Confluence:
Market Structure: Price showing signs of exhaustion near resistance.
Indicators: RSI nearing overbought territory, potential for a pullback.
Order Flow: Selling pressure increasing at resistance zones.
🔔 Trading Outlook:
Bearish below $2929–$2931, targets $2902–$2894.
Bullish breakout above $2931 could push towards $2945–$2952.
Watch for price action confirmation before entering trades.
🎯 Trading Strategy:
✅ Sell below $2929 with SL $2935, TP $2902–$2894.
✅ Buy above $2931 if breakout confirms, SL $2925, TP $2945–$2952.
📢 Stay Alert! Monitor market sentiment, news, and key economic releases. 🚨
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.
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.