In my analysis yesterday, I noted that after the false break above 3370 resistance, there was a high likelihood of a reversal, potentially driving Gold back down to the 3270 support zone.
Market Reaction:
• As expected, Gold turned lower after retesting the broken 3370 support, now acting as resistance.
• The price dropped nearly 1000 pips, which has become the new norm for daily Gold fluctuations lately.
What’s Next?
• With the current rebound, the 3370 zone should once again act as a barrier.
• The strategy remains to sell rallies, targeting a fresh test of the 3270 support zone.
Until this support is broken, expect very volatile moves, but the broader trend remains bearish
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analyses and educational articles.
Market Reaction:
• As expected, Gold turned lower after retesting the broken 3370 support, now acting as resistance.
• The price dropped nearly 1000 pips, which has become the new norm for daily Gold fluctuations lately.
What’s Next?
• With the current rebound, the 3370 zone should once again act as a barrier.
• The strategy remains to sell rallies, targeting a fresh test of the 3270 support zone.
Until this support is broken, expect very volatile moves, but the broader trend remains bearish
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analyses and educational articles.
Trade chiuso: obiettivo raggiunto
3270 zone touched
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🎯 Want More Trading Ideas?
📈 Join the FREE Forex & Gold Channel
👉 t.me/intradaytradingsignals
💎 Join the FREE Crypto Channel
👉 t.me/FanCryptocurrency
📈 Join the FREE Forex & Gold Channel
👉 t.me/intradaytradingsignals
💎 Join the FREE Crypto Channel
👉 t.me/FanCryptocurrency
Pubblicazioni correlate
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.