Gold Rejection at Channel Resistance – Bearish Setup in Play"

5 Mei

🔍 Analysis Summary


Current Price: \~\$3,266
Indicators:

EMA 50 (Red): \~\$3,277 – price is slightly below this level
EMA 200 (Blue): \~\$3,180 – acts as a dynamic support
Trend Structure:

Previous Uptrend: Sharp bullish move within a rising wedge (now broken)
Current Pattern: Descending channel or flag-like consolidation after the strong bullish trend
Support Level: \~\$3,175–\$3,180 (highlighted zone with green arrows showing bounce)
Resistance Level (Target 1): \~\$3,277–\$3,300
Target Point: \~\$3,356

📈 Bullish Scenario:

Price bounced off strong support (around EMA 200 + horizontal level).
If price breaks above the descending channel and retests resistance, it could aim for **Target 1 (\~3,300) and possibly reach **Target Point (\~3,356)**.

📉 Bearish Scenario:

Failure to break above descending channel resistance could lead to a retest of the support zone.
If support breaks, the next possible stop could be below the EMA 200, triggering deeper correction.

🧠 Trading Idea

Buy Entry: On confirmed breakout above descending channel.
Target 1: \~3,300
Target 2: \~3,356
Stop Loss: Below \~3,175 support

5 Mei

Dagangan aktif

Target 1 completely Keep support

5 Mei

Dagangan ditutup: sasaran tercapai

As I analysed the chart now market touched the resistance point and working well hope you taked profits and benefits from my analysis stay in touched for more good setups very soon I will share another analyse