Gold has once again reacted sharply from the major supply zone around $3,424, rejecting higher prices with a strong bearish candle. Price is now struggling to maintain momentum above $3,300 – a potential sign of weakening bullish strength.
Key Levels to Watch:
Supply Zone: $3,424 (Strong resistance and selling pressure)
Local Support: $3,207 – if this breaks, expect further downside.
Demand Zone Target: $2,706 – highly respected historical demand area.
Market Insight:
With the U.S. economic calendar heating up (see upcoming red-folder events), volatility could spike. If the market breaks below the $3,200–$3,207 zone, we could see a massive bearish continuation toward $3,067 and potentially $2,706.
Potential Setup:
Entry: Wait for break and retest of $3,200
Target 1: $3,067
Target 2: $2,706
Stop Loss: Above $3,330
Bias:
Bearish – As long as gold remains below $3,330 resistance and reacts to the supply zone.
Key Levels to Watch:
Supply Zone: $3,424 (Strong resistance and selling pressure)
Local Support: $3,207 – if this breaks, expect further downside.
Demand Zone Target: $2,706 – highly respected historical demand area.
Market Insight:
With the U.S. economic calendar heating up (see upcoming red-folder events), volatility could spike. If the market breaks below the $3,200–$3,207 zone, we could see a massive bearish continuation toward $3,067 and potentially $2,706.
Potential Setup:
Entry: Wait for break and retest of $3,200
Target 1: $3,067
Target 2: $2,706
Stop Loss: Above $3,330
Bias:
Bearish – As long as gold remains below $3,330 resistance and reacts to the supply zone.
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