🔍 Chart Analysis Summary
1. Key Zones
Resistance Zone: ~$3,340 – $3,360
Price has been rejected multiple times from this area, showing strong selling pressure.
Support Zone: ~$3,200 – $3,240
Strong historical support level, previously held during a pullback after the last rally.
2. Moving Averages
EMA 50 (Red): Currently at ~$3,340
Price is fluctuating around it, indicating short-term indecision or a possible retest.
EMA 200 (Blue): Currently at ~$3,300
Acting as a mid-term support level. Price previously bounced from this region.
3. Pattern and Price Action
Fakeout Potential:
The chart suggests a possible false breakout above the resistance followed by a sharp drop—highlighted by the arrow. This is a common bull trap setup.
Bearish Outlook Indicated:
The projected path suggests a rejection from resistance and a drop to the support zone (~$3,200). This would create a lower high, a bearish sign.
4. Trading Bias
Bearish Setup if:
Price fails to hold above $3,340 (EMA50).
Price gets rejected from the resistance zone and breaks below $3,300 (EMA200).
Bullish Invalidated if:
Price closes convincingly above the $3,360 resistance with volume, flipping it into support.
📉 Potential Trade Idea
Short Entry: Around $3,350–$3,355
Stop Loss: Above $3,365 (above resistance zone)
Target: $3,220–$3,230 (support zone)
1. Key Zones
Resistance Zone: ~$3,340 – $3,360
Price has been rejected multiple times from this area, showing strong selling pressure.
Support Zone: ~$3,200 – $3,240
Strong historical support level, previously held during a pullback after the last rally.
2. Moving Averages
EMA 50 (Red): Currently at ~$3,340
Price is fluctuating around it, indicating short-term indecision or a possible retest.
EMA 200 (Blue): Currently at ~$3,300
Acting as a mid-term support level. Price previously bounced from this region.
3. Pattern and Price Action
Fakeout Potential:
The chart suggests a possible false breakout above the resistance followed by a sharp drop—highlighted by the arrow. This is a common bull trap setup.
Bearish Outlook Indicated:
The projected path suggests a rejection from resistance and a drop to the support zone (~$3,200). This would create a lower high, a bearish sign.
4. Trading Bias
Bearish Setup if:
Price fails to hold above $3,340 (EMA50).
Price gets rejected from the resistance zone and breaks below $3,300 (EMA200).
Bullish Invalidated if:
Price closes convincingly above the $3,360 resistance with volume, flipping it into support.
📉 Potential Trade Idea
Short Entry: Around $3,350–$3,355
Stop Loss: Above $3,365 (above resistance zone)
Target: $3,220–$3,230 (support zone)
Trade active
Bearish Rejection at Resistance – Potential Drop Incoming 📉
Gold touched the resistance zone around $3355 and dropped sharply to $3290, confirming the expected rejection. Currently, it's consolidating between $3300–$3290.
This zone is key — a break below could accelerate downside momentum toward the $3240–$3200 support zone. Let’s see how price reacts next. ⚠️
Trade closed: target reached
📊 Analysis Update
Gold has successfully reached the 3104 target zone 🎯, exactly as outlined in the previous chart analysis. The projected move from the resistance area to the lower support played out with precision. This reflects the power of technical confluence and disciplined market observation ✅.
💰 Profit-Taking Zone
Those who followed the idea should have secured solid profits at the 3104 support zone 💵. The reaction from this level confirms it as a key demand area. Always remember to trail your stops and lock in gains when targets are met 📈🔒.
💬 Your Thoughts & Suggestions
If you found this analysis helpful or traded along, feel free to drop your feedback, questions, or alternative views in the comments 💬👇.
Your engagement and support keep the momentum going 🙌 — let’s keep growing and learning together! 💡📘
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JOIN MY TELEGRAM CHANNEL
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JOIN MY RECOMMENTED BROKER REFFREL LINK
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JOIN MY RECOMMENTED BROKER REFFREL LINK
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PARTNER CODE⤵️
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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.