Gold (XAU/USD) Short-Term Bearish Setup1. Well-Defined Resistance Zones
Two horizontal shaded areas labeled Resistance R1 and Resistance R2 mark zones near $3,360–$3,380, where price repeatedly failed to break higher.
Trading ideas from analysts on TradingView reinforce that the immediate resistance lies around $3,364–$3,370. As long as price stays below that, sellers remain in control
2. Descending Channel & Bearish Momentum
The chart highlights a shift from an earlier ascending channel (green), followed by breakdown and decline — a classic reversal from bullish to bearish.
In line with this, there’s also mention of a bearish flag pattern forming on the 30-minute (M30) timeframe, offering a potential shorting opportunity
3. Key Support Levels & Targets
Multiple support levels annotated: Support S2 (at two levels) and Support S3, with notable levels around $3,315, $3,301–$3,302, and $3,300.
The annotated price action indicates projected declines toward those levels—especially highlighting $3,314.94, $3,301.55, and $3,300.96 as intermediate and key targets.
Ultimately, the red “High support area” below suggests a broader demand zone, perhaps around $3,280–$3,300, where stronger support may emerge.
4. Trading Plan Illustrated
White arrows depict a descending trajectory: from current levels down to each support, suggesting a sell-on-rally approach.
Blue markers denote possible bounce points for pullbacks before continuation lower.
Broader Market Context
Gold prices have recently been tracking in the $3,330–$3,350 range, facing resistance near $3,350–$3,360 and support near $3,300. Analysts caution that a break below that could push it toward $3,245 or $3,150–$3,120
Overall momentum has turned cautious or bearish—bearish engulfing patterns, weakening rally strength, and below-average technical indicators emphasize the risk of further declines
Weak U.S. economic indicators or dovish signals from Fed officials (like Powell) could offer brief relief rallies; but failure to reclaim resistance may extend the slide
Key Levels at a Glance
Level Type Price Range Notes
Resistance ~$3,350–$3,360+ Strong ceiling—decline confirms bearish bias
Support S1 ~$3,315–$3,320 First potential reaction zone
Support S2 ~$3,301 Intermediate target for sellers
Support S3 ~$3,300 Psychological barrier; near high support zone
High Support Area ~$3,280–$3,300 Zone where bullish buyers might regroup
Conclusion
chart effectively captures a short-term bearish trend in gold (XAU/USD), showing:
Failed attempts to overcome resistance near $3,360.
A bearish flag breakout signaling potential continuation downward.
Clearly plotted support targets, with bounce zones drawn out.
A visual trade plan suggesting sell-on-rallies targeting declining support levels until reaching a strong demand zone.
To succeed with this setup, traders might wait for a brief rally into one of the identified sell zones (e.g. ~$3,314 or $3,325) before entering shorts, with stop-loss placements above the resistance areas and profit objectives aligned with support levels ($3,301 or near $3,300).
