📊 Timeframe: 30-Minute
📉 Current Price: 3,333.598
🟦 Chart Type: CFD on Gold (US$/OZ)
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🔍 Technical Analysis Summary
1. Descending Channel (Bearish Trend)
Price was trading within a well-defined descending channel (blue trendlines).
The breakout attempt above the channel failed to sustain, indicating bull trap behavior.
2. Fibonacci Retracement
Key 0.886 retracement level (~3,358) acted as strong resistance.
Price rejected from this zone, confirming the bearish reversal zone (red area).
3. Bearish Flag Structure
Recent price action shows a bearish flag/pennant pattern, a continuation formation.
The flag is forming after a sharp drop — typical of a downtrend resumption signal.
4. Support & Target Zone
The chart clearly marks target at 3,295, which aligns with:
Previous horizontal support zone.
Bottom of the light blue Fibonacci extension area.
A move to 3,295 would represent a full retracement of the recent bullish correction.
5. Volume & Momentum (Implied)
No direct volume data shown, but structure and retracement levels suggest weak buying pressure.
Lower highs on each bounce indicate decreasing bullish momentum.
---
🧠 Conclusion
The chart shows a bearish continuation setup:
Rejection from key resistance (0.886 Fib + red supply zone).
Bearish flag signals a potential breakdown.
Target: 3,295, which aligns with technical confluence and price structure.
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🔽 Trading Viewpoint
🔻 Sell bias remains valid as long as price stays below ~3,350.
📉 Breakdown below 3,310 would confirm continuation to the 3,295 target.
✅ Good risk-to-reward for short entries under 3,330 with stop-loss above 3,355.
📉 Current Price: 3,333.598
🟦 Chart Type: CFD on Gold (US$/OZ)
---
🔍 Technical Analysis Summary
1. Descending Channel (Bearish Trend)
Price was trading within a well-defined descending channel (blue trendlines).
The breakout attempt above the channel failed to sustain, indicating bull trap behavior.
2. Fibonacci Retracement
Key 0.886 retracement level (~3,358) acted as strong resistance.
Price rejected from this zone, confirming the bearish reversal zone (red area).
3. Bearish Flag Structure
Recent price action shows a bearish flag/pennant pattern, a continuation formation.
The flag is forming after a sharp drop — typical of a downtrend resumption signal.
4. Support & Target Zone
The chart clearly marks target at 3,295, which aligns with:
Previous horizontal support zone.
Bottom of the light blue Fibonacci extension area.
A move to 3,295 would represent a full retracement of the recent bullish correction.
5. Volume & Momentum (Implied)
No direct volume data shown, but structure and retracement levels suggest weak buying pressure.
Lower highs on each bounce indicate decreasing bullish momentum.
---
🧠 Conclusion
The chart shows a bearish continuation setup:
Rejection from key resistance (0.886 Fib + red supply zone).
Bearish flag signals a potential breakdown.
Target: 3,295, which aligns with technical confluence and price structure.
---
🔽 Trading Viewpoint
🔻 Sell bias remains valid as long as price stays below ~3,350.
📉 Breakdown below 3,310 would confirm continuation to the 3,295 target.
✅ Good risk-to-reward for short entries under 3,330 with stop-loss above 3,355.
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🔗 t.me/+VTrdWh5R_scwMGM0
✅ All PAIRS SIGNALS PROVIDE FIRST VISIT THEN JOIN
🔗 t.me/+jODseb0iIvxiNjc0
✅ REGISTER UNDER THE WORLD BEST BROKER
🔗 one.exnesstrack.org/a/6yzdfvn1po
✅ All PAIRS SIGNALS PROVIDE FIRST VISIT THEN JOIN
🔗 t.me/+jODseb0iIvxiNjc0
✅ REGISTER UNDER THE WORLD BEST BROKER
🔗 one.exnesstrack.org/a/6yzdfvn1po
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.