Hello guys!
Key Elements:
why:
1. Trendline Break
The internal bullish trendline has been decisively broken, a classic sign of a trend reversal or at least a significant pullback.
After the break, price retested the underside of the trendline, failed to reclaim it, and showed bearish pressure.
2. Supply Zone Rejection
A clear rejection occurred from a supply zone ($3,360–$3,380), evidenced by long wicks and bearish candles.
This confirms the presence of sellers and likely distribution at that level.
3. Volume Profile Insight
The point of control (POC) and high-volume node sit around the $3,245 region, which also aligns with the marked bearish target.
Price is likely to be drawn toward this level as it's a fair value area where previous consolidation occurred.
4. S&D Flip
A previously bullish demand zone (around $3,280) has now become a resistance level, confirming a shift in market sentiment.
🔻 Bearish Scenario:
Target: $3,245.94
Confirmation: Failure to close above $3,360 and continued lower highs suggest bearish continuation.
✅ Confluence Factors Supporting a Move Down:
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📌 Conclusion:
This chart setup suggests a short-term bearish bias for Gold Spot (XAU/USD), with a potential drop toward the $3,245 zone. Traders may consider watching for confirmation via continued bearish price action and potential volume increase on the next leg down.
Key Elements:
- Internal Trendline (broken): A previously respected trendline is now broken, indicating a potential shift in trend.
- S&D (Supply & Demand) Zone: Located around the $3,280–$3,300 region.
- Bearish Rejection Zone: Price attempted to push higher into the $3,360–$3,380 resistance zone but was rejected.
- Arrow Indicating Bearish Target: Projected move toward $3,245.94.
why:
1. Trendline Break
The internal bullish trendline has been decisively broken, a classic sign of a trend reversal or at least a significant pullback.
After the break, price retested the underside of the trendline, failed to reclaim it, and showed bearish pressure.
2. Supply Zone Rejection
A clear rejection occurred from a supply zone ($3,360–$3,380), evidenced by long wicks and bearish candles.
This confirms the presence of sellers and likely distribution at that level.
3. Volume Profile Insight
The point of control (POC) and high-volume node sit around the $3,245 region, which also aligns with the marked bearish target.
Price is likely to be drawn toward this level as it's a fair value area where previous consolidation occurred.
4. S&D Flip
A previously bullish demand zone (around $3,280) has now become a resistance level, confirming a shift in market sentiment.
🔻 Bearish Scenario:
Target: $3,245.94
Confirmation: Failure to close above $3,360 and continued lower highs suggest bearish continuation.
✅ Confluence Factors Supporting a Move Down:
- Trendline break and successful retest.
- Rejection from resistance (supply zone).
- Lower high formation.
- Volume profile attraction to a lower value area.
- Bearish market structure forming.
____________________
📌 Conclusion:
This chart setup suggests a short-term bearish bias for Gold Spot (XAU/USD), with a potential drop toward the $3,245 zone. Traders may consider watching for confirmation via continued bearish price action and potential volume increase on the next leg down.
Trade closed: target reached
Close 80% of it here!Note
#XAUUSD #Gold The final target was touched!
👉 My recommended broker: bit.ly/HYMCMELI
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Telegram: t.me/melikatrader94
Forex: t.me/melikatrader94GoldForex
____
Telegram: t.me/melikatrader94
Forex: t.me/melikatrader94GoldForex
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 recommended broker: bit.ly/HYMCMELI
____
Telegram: t.me/melikatrader94
Forex: t.me/melikatrader94GoldForex
____
Telegram: t.me/melikatrader94
Forex: t.me/melikatrader94GoldForex
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.