"Gold Price Faces Strong Resistance – Is a Drop Coming?"

5 Sep

Technical Analysis of XAUUSD

1. Overall Market Structure

Gold is currently in a corrective phase after forming a Higher High (HH) at the recent resistance zone. The market has since shown weakness, breaking below a minor support and forming a Lower High (LH), indicating a potential trend reversal or deeper pullback.

2. Resistance Zone

The area around 3550–3565 is a strong resistance zone that acted as a selling area after price made a sharp move down. This zone also aligns with the downward trendline, increasing its significance as a potential entry point for sellers.

3. Entry Level / Minor Supply Zone

The price is currently consolidating near a minor supply zone and close to the downward trendline. This is an important decision point: if price respects this level, sellers may step in to push the price lower toward the next support.

4. Support Levels & Targets

* First Target (Support Zone): Around 3520–3530, which was a previous structure support.
* Final Target (Demand Zone): Around 3470–3480, a strong demand zone where buyers previously reacted.

5. Downward Trendline

The downward trendline is confirming the short-term bearish bias. Until price breaks and closes above this trendline, the momentum favors sellers.

6. Trade Setup & Bias

* Bias: Bearish (Sell Setup)
* Entry Zone: Near 3550–3560 (at supply zone & trendline)
* Targets:
* TP1: 3520
* TP2: 3480
* Stop Loss: Above 3570 to protect against false breakouts.

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7 Sep

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