Gold is back inside the major supply zone (3,324 – 3,425) and showing early signs of exhaustion after multiple failed breakout attempts. This area previously acted as a strong distribution zone, and price is once again reacting with rejection wicks and reduced momentum.
⚠️ Look how price failed to sustain new highs post-spike in early May. If sellers step in here again, we could be seeing the beginning of a major correction.
---
🔹 Key Levels:
🔵 Supply Zone (Resistance): 3,324 – 3,425
⚫ Pivot Zone: 3,200 – 3,223
🟠 Demand Zone (Support): 2,706 – 2,800
🔵 Last Strong Support: 3,051.211
---
📊 Outlook: Bearish Bias
🔻 If price breaks below 3,200 with volume:
🎯 TP1: 3,051
🎯 TP2: 2,800
🎯 TP3: 2,706
📉 Invalidation: Break and close above 3,425
---
🧠 Confluence Factors:
Previous strong supply rejection
Weekly USD news volatility ahead (see calendar icons) 🇺🇸
Possible bearish divergence forming on momentum indicators (not shown on chart)
---
💬 What I’m Watching:
If Gold forms a bearish engulfing pattern or prints a lower high, I’m entering short with targets down to the major demand area below.
📣 Drop your bias in the comments – bullish breakout or bearish reversal?
---
#XAUUSD #Gold #Forex #TechnicalAnalysis #PriceAction #SmartMoney #LuxAlgo #TradingView #GoldAnalysis #SupplyAndDemand #BearishSetup
⚠️ Look how price failed to sustain new highs post-spike in early May. If sellers step in here again, we could be seeing the beginning of a major correction.
---
🔹 Key Levels:
🔵 Supply Zone (Resistance): 3,324 – 3,425
⚫ Pivot Zone: 3,200 – 3,223
🟠 Demand Zone (Support): 2,706 – 2,800
🔵 Last Strong Support: 3,051.211
---
📊 Outlook: Bearish Bias
🔻 If price breaks below 3,200 with volume:
🎯 TP1: 3,051
🎯 TP2: 2,800
🎯 TP3: 2,706
📉 Invalidation: Break and close above 3,425
---
🧠 Confluence Factors:
Previous strong supply rejection
Weekly USD news volatility ahead (see calendar icons) 🇺🇸
Possible bearish divergence forming on momentum indicators (not shown on chart)
---
💬 What I’m Watching:
If Gold forms a bearish engulfing pattern or prints a lower high, I’m entering short with targets down to the major demand area below.
📣 Drop your bias in the comments – bullish breakout or bearish reversal?
---
#XAUUSD #Gold #Forex #TechnicalAnalysis #PriceAction #SmartMoney #LuxAlgo #TradingView #GoldAnalysis #SupplyAndDemand #BearishSetup
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Disclaimer
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