Gold (XAU/USD) has encountered a strong resistance zone between 2921 and 2924, leading to a rejection at this level. This area has proven to be a significant hurdle for buyers, indicating strong selling pressure. As a result, we may see a potential downside move unless gold manages to break above this resistance convincingly.
Key Levels and Market Outlook:
Bearish Scenario:
If the rejection holds, gold could move lower towards its immediate support levels.
The first downside target is 2906, which acts as a minor support.
If selling pressure continues and gold breaks below 2906, the next target is 2892, a stronger support level where buyers might step in.
Bullish Breakout Possibility:
If gold breaks above the 2924 resistance level, the next resistance to watch is at 2930.
A break above 2930 would indicate strong bullish momentum, potentially leading to a further rally in gold prices.
Market Sentiment and Trading Plan:
A bearish bias is favored as long as gold remains below 2924 and continues rejecting this level.
A bullish breakout scenario will be confirmed only if gold surpasses 2930, leading to a continuation of the uptrend.
Key Levels and Market Outlook:
Bearish Scenario:
If the rejection holds, gold could move lower towards its immediate support levels.
The first downside target is 2906, which acts as a minor support.
If selling pressure continues and gold breaks below 2906, the next target is 2892, a stronger support level where buyers might step in.
Bullish Breakout Possibility:
If gold breaks above the 2924 resistance level, the next resistance to watch is at 2930.
A break above 2930 would indicate strong bullish momentum, potentially leading to a further rally in gold prices.
Market Sentiment and Trading Plan:
A bearish bias is favored as long as gold remains below 2924 and continues rejecting this level.
A bullish breakout scenario will be confirmed only if gold surpasses 2930, leading to a continuation of the uptrend.
Trade closed: target reached
Target 01 reached 
Join My Telegram Channel for Signals and Technical Charts
t.me/Pipsviewtrading
Contact: t.me/Pipsviewadmin
t.me/Pipsviewtrading
Contact: t.me/Pipsviewadmin
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.
Join My Telegram Channel for Signals and Technical Charts
t.me/Pipsviewtrading
Contact: t.me/Pipsviewadmin
t.me/Pipsviewtrading
Contact: t.me/Pipsviewadmin
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.