Gold is currently bouncing towards the top resistance near 3320, but the price remains under bearish pressure below this key level and the descending trendline. So far, price action shows rejection from this zone, maintaining a potential lower high formation, suggesting continuation of the downtrend.
Technical Outlook:
As long as price stays below 3320, the bearish structure remains intact. A clean break and close below 3300 would strengthen the downside bias. If confirmed, the next support target would be near 3250.
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Technical Outlook:
As long as price stays below 3320, the bearish structure remains intact. A clean break and close below 3300 would strengthen the downside bias. If confirmed, the next support target would be near 3250.
If You Like this idea if you have on Opinion about this analysis share in comments Thanks for Supporting.
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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.