Gold/EUR Analysis –Bearish Continuation from Channel Resistance📉
Market Structure & Trend
The chart represents a descending channel where price has continuously rejected from the upper boundary.
Multiple lower highs and lower lows indicate a bearish trend.
Gold/EUR has once again reached the channel resistance and failed to break above, suggesting a strong sell opportunity.
Key Technical Levels
🔴 Resistance:
2,809 - Local resistance where price has faced rejection multiple times.
2,849 - Major resistance level, a break above this could invalidate the bearish outlook.
🟢 Support & Target Levels:
2,790 - Short-term support; if broken, further downside is expected.
2,740 - First key target where previous demand is present.
2,660 - Major support and final bearish target if selling pressure continues.
Trade Setup & Strategy
📍 Sell Below: 2,790
🎯 Target 1: 2,740
🎯 Target 2: 2,660
❌ Stop-Loss: Above 2,810
Conclusion
Bearish bias remains strong as long as price stays below 2,809.
A breakdown below 2,790 could accelerate selling pressure.
Traders can look for bearish confirmation signals (e.g., break of structure, candlestick patterns) to enter short positions.
Would you like a refined strategy based on lower timeframes?
