30-minute Gold Spot (XAU/USD) ,using data from the PYTH exchang.

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30-minute Gold Spot (XAU/USD) , using data from the PYTH exchange.



Chart Breakdown

1. Entry Zone:

• The price has recently surged into the entry zone, marked near $2,940.

• A possible rejection from this level is indicated by the blue arrow pointing downward, suggesting a bearish move.

2. Resistance & Support Levels:

• Resistance: Around $2,940 - $2,944, where price is currently struggling.

• Strong Support: Identified near $2,910 - $2,903, which may act as a key level for a pullback.

• A broader support zone is visible around $2,888 - $2,890.

3. Technical Patterns:

• A Fibonacci-style circular pattern is drawn, possibly indicating a key liquidity zone.

• A previous rejection area is marked, which aligns with the current price action.



Conclusion



This setup suggests a potential short trade from the entry zone. If price fails to break above $2,940, it may retrace towards $2,910 - $2,903, with a further drop possible if that support breaks. However, if price breaks and holds above $2,944, the bearish setup may become invalid.

Penafian

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