To all red traders: What’s your outlook on gold?
Key Observations from Your Chart:
- Strong Rejection at Resistance (~$3,150 - $3,160)
- Price previously tested a 1HR/4HR resistance zone and was rejected, leading to a strong bearish move.
- The wick at the top suggests selling pressure.
- Bearish Momentum with a Break Below Liquidity (~$3,100)
- The price broke below liquidity zones, confirming a short-term bearish bias.
- A 10-pip retracement hints at weak buying strength so far.
- Support Holding (~$3,085 - $3,090)
- This area coincides with 1HR/4HR support and a possible reversal zone.
- If buyers defend this level, we could see a retracement back to $3,120 - $3,130 (marked resistance zones).
- Failure to hold could push price down to the next support at $3,075 - $3,060.
Potential Trading Scenarios:
- Bullish Scenario (Short-Term Buy):
- If price stabilizes above $3,090 and forms bullish candles, a move towards $3,120 - $3,130 is possible.
- Key trigger: Break above minor resistance (~$3,107).
- Bearish Continuation (Sell Setup):
- If price fails to hold above $3,090, expect a drop toward $3,075 - $3,060.
- Key confirmation: A 15M/30M close below support with volume.
Final Bias:
- Short-term: Bearish unless $3,090 holds.
- Long-term: Mixed, needs confirmation from support zones.
`“Edge = Faith + Truth + Patience + Discipline + Execution.”`
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