Gold has broken below its previous consolidation range, indicating potential weakness in the market. After a period of sideways movement, price failed to sustain above the 3320–3340 resistance zone and is now approaching a critical support area near 3271.
Market Structure Insights:
Price traded within a clear range before breaking down
Current price action shows strong bearish pressure
The 3271 zone is acting as a last key support before a potential deeper drop
Scenarios to Watch
If price holds above 3271 and shows bullish momentum, a retracement toward 3293 and possibly 3307–3324 is likely
If price breaks below 3271 with volume, the downtrend may continue with room to fall toward 3250 or lower
Strategic Zones:
Support: 3271
Resistance: 3293_3307_3324
Bearish Bias: Below 3271
Bullish Recovery: Only above 3293 with confirmation
Traders should remain cautious and avoid chasing the market. Wait for confirmation and manage risk with discipline.
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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.
Related publications
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.