XAUUSD 15-Minute Chart Analysis! 2840!Overview:
Gold is currently trading around $2,900, showing a potential bearish setup based on key technical levels. The chart highlights an important Fair Value Gap (FVG), support and resistance levels, and a possible price movement scenario.
Key Levels:
🔸 Resistance Zone: $2,940 - $2,950
A strong supply zone where price previously reversed.
If price reaches this level, sellers might step in.
🔸 Fair Value Gap (FVG: $2,915 - $2,918)
A price imbalance that could act as a short-term resistance.
If price taps into this zone, it may reject downward.
🔸 Support Level: $2,879
A key horizontal level that has acted as support before.
If price holds here, a bounce is possible.
A break below could trigger further downside movement.
🔸 Target Zone: $2,840 - $2,830
A demand zone where buyers could re-enter.
Projected Price Movement:
📉 Bearish Scenario (Main Outlook):
1️⃣ Price moves into FVG ($2,915 - $2,918) and rejects.
2️⃣ Drops towards support at $2,879 for a retest.
3️⃣ A break below $2,879 confirms further downside.
4️⃣ Targeting the $2,840 - $2,830 zone.
📈 Bullish Invalidations:
If price breaks and holds above $2,920, it could push higher toward $2,940 - $2,950 resistance.
A breakout above $2,950 would shift bias to bullish.
How to Use This on TradingView:
✅ Look for bearish signals (rejection wicks, strong red candles) near FVG before shorting.
✅ Watch for a breakdown below $2,879 to confirm further downside.
✅ If price holds above $2,920, reconsider bearish bias.
