Gold Rejection at Resistance with Potential Bearish Pullback

6 Nov

Analysis:
The chart shows XAUUSD approaching a strong horizontal resistance zone around 4015–4020, a level where price has previously been rejected multiple times (highlighted in yellow). The market recently broke out of a falling channel, showing short-term bullish momentum, but now price is stalling again at this key resistance.

The grey zone above suggests a supply area, and the white arrow indicates a projected bearish move. As long as gold stays below this resistance, the probability of a downward correction increases.

A potential bearish target appears around 3900–3920 (previous support zone), where buyers may re-enter.

Key Points:

Strong multi-touch resistance at 4015–4020

Price showing early rejection signs

Bearish correction likely if price fails to break above resistance

Downside targets: 3920, possibly 3900

7 Nov

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