It is only a matter of time before the price breaks below $3,300From a daily chart analysis, gold showed a strong upward momentum during Tuesday's session, once hitting the key level of $3,500, before quickly retreating under overhead pressure and eventually closing with a bearish candle. This pullback after a sharp rally highlights significant selling pressure near the $3,500 level, where bullish momentum was fiercely resisted by bears at high prices.
The bearish trend continued on Wednesday, with gold closing lower again to form a two-consecutive-day bearish candlestick pattern. This consecutive decline further confirms that bears have taken short-term dominance, with bearish forces gradually gaining the upper hand.
Notably, the price action has a clear dividing line: the $3,317 level serves as the bull-bear watershed. A valid break below this level is likely to sustain the downward trend. Based on the current momentum, a decline below $3,300 appears only a matter of time, further reinforcing the short-term bearish sentiment.
XAUUSD
sell@3325-3335
tp:3300-3280
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