Gold shows a clear bearish trend within a well-defined downward channel. Price action continues to form lower highs and lower lows, reinforcing the ongoing downtrend. The recent rejection from $3,312 suggests that bulls are struggling to regain control, and the market remains pressured by selling momentum. The price is currently hovering near $3,287 just above horizontal support zone.
📉 Potential Scenarios
- Bearish Continuation (Most Likely)
- If price continues to stay below $3,300 and breaks below $3,281, it may aim for $3,261 and $3,249.
- A close below $3,281 would confirm further bearish pressure and signal downside continuation toward the $3,240s range.
- Short-Term Bullish Retracement
- If price holds above $3,281 and breaks above $3,300–$3,312, a relief rally may occur at first resistance: $3,306 and second resistance: $3,312.
- However, unless gold breaks above $3,332 (previous swing high), this would still be considered a bear market rally.
- Range-bound Movement
- A third scenario is sideways price action between $3,281 and $3,312, where neither bulls nor bears take control immediately. This would represent market indecision or awaiting external catalysts (e.g., economic data, Fed policy).
🔍 Trend Outlook
- Short-Term Trend: Bearish
- Medium-Term Trend: Bearish, unless price breaks and sustains above $3,312
- Long-Term Trend: Neutral-to-bullish, as long as price holds above the macro support zone near $3,240
1D Chart Long Term Possible Scenario
The price is currently trading around $3,285, sitting just above the triangle’s ascending trendline support and within a key horizontal demand zone around $3,250–$3,300, which has held multiple times in the past.
If bulls manage to push the price above $3,360–$3,400, it could confirm a breakout and open the door toward the next major resistance at $3,450. However, if price fails to hold above the current ascending trendline, a breakdown could retest the base support near $3,248 or even lower toward $3,150
Gold is currently in a neutral consolidation phase within a symmetrical triangle, with both bullish and bearish breakout scenarios possible. The breakout direction from this pattern—expected in the coming weeks, will likely set the tone for gold's medium-term trend.
Note
Please risk management in trading is a Key so use your money accordingly. If you like the idea then please like and boost. Thank you and Good Luck!
📉 Potential Scenarios
- Bearish Continuation (Most Likely)
- If price continues to stay below $3,300 and breaks below $3,281, it may aim for $3,261 and $3,249.
- A close below $3,281 would confirm further bearish pressure and signal downside continuation toward the $3,240s range.
- Short-Term Bullish Retracement
- If price holds above $3,281 and breaks above $3,300–$3,312, a relief rally may occur at first resistance: $3,306 and second resistance: $3,312.
- However, unless gold breaks above $3,332 (previous swing high), this would still be considered a bear market rally.
- Range-bound Movement
- A third scenario is sideways price action between $3,281 and $3,312, where neither bulls nor bears take control immediately. This would represent market indecision or awaiting external catalysts (e.g., economic data, Fed policy).
🔍 Trend Outlook
- Short-Term Trend: Bearish
- Medium-Term Trend: Bearish, unless price breaks and sustains above $3,312
- Long-Term Trend: Neutral-to-bullish, as long as price holds above the macro support zone near $3,240
1D Chart Long Term Possible Scenario
The price is currently trading around $3,285, sitting just above the triangle’s ascending trendline support and within a key horizontal demand zone around $3,250–$3,300, which has held multiple times in the past.
If bulls manage to push the price above $3,360–$3,400, it could confirm a breakout and open the door toward the next major resistance at $3,450. However, if price fails to hold above the current ascending trendline, a breakdown could retest the base support near $3,248 or even lower toward $3,150
Gold is currently in a neutral consolidation phase within a symmetrical triangle, with both bullish and bearish breakout scenarios possible. The breakout direction from this pattern—expected in the coming weeks, will likely set the tone for gold's medium-term trend.
Note
Please risk management in trading is a Key so use your money accordingly. If you like the idea then please like and boost. Thank you and Good Luck!
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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.
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.