Gold (xauusd): Potential Pullback After Downtrend Break
hello guys!
let's analyze GOLD!
Downtrend Break: The sharp decline suggests a bearish sentiment as gold fails to hold previous support levels around $2,693.
Retest Zone: There is a potential retest zone around $2,678 - $2,693. If the price retraces to this area and faces resistance, it could signal a continuation of the downtrend.
Next Support Target: If the bearish momentum continues, the price may reach a major support area around $2,610 - $2,630 (highlighted in grey), which aligns with a longer-term trendline support.
Continuation Scenarios:
Scenario 1: Price could retrace to the $2,678 - $2,693 area, face resistance, and continue downward toward the support zone.
Scenario 2: If the price breaks above $2,693, the bearish bias may temporarily weaken and move towards higher resistance levels.
let's analyze GOLD!
Downtrend Break: The sharp decline suggests a bearish sentiment as gold fails to hold previous support levels around $2,693.
Retest Zone: There is a potential retest zone around $2,678 - $2,693. If the price retraces to this area and faces resistance, it could signal a continuation of the downtrend.
Next Support Target: If the bearish momentum continues, the price may reach a major support area around $2,610 - $2,630 (highlighted in grey), which aligns with a longer-term trendline support.
Continuation Scenarios:
Scenario 1: Price could retrace to the $2,678 - $2,693 area, face resistance, and continue downward toward the support zone.
Scenario 2: If the price breaks above $2,693, the bearish bias may temporarily weaken and move towards higher resistance levels.
Trade active
an update for GOLD:
Trade closed: target reached
target touched
#xauusd #gold
👉 my broker:: bit.ly/HYMCMELI
____
telegram channel: t.me/melikatrader94
forex telegram channel: t.me/melikatrader94GoldForex
____
telegram channel: t.me/melikatrader94
forex telegram channel: t.me/melikatrader94GoldForex
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.
👉 my broker:: bit.ly/HYMCMELI
____
telegram channel: t.me/melikatrader94
forex telegram channel: t.me/melikatrader94GoldForex
____
telegram channel: t.me/melikatrader94
forex telegram channel: t.me/melikatrader94GoldForex
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.