GOLD may continue to fall after correction to 2876
- Gold is trading in a phase of deep correction after reaching local highs.
- The price formed a false breakdown of the key support level, which may indicate the liquidation of weak positions before a possible corrective growth.
- The dollar index (DXY) shows growth, which puts additional pressure on gold.
Liquidation and reaction
- There was a longs liquidation after the double top formation, which triggered an impulsive decline.
- The price tested the liquidity zone near $2852 and formed a rebound.
- A return to 0.5 Fibo ($2876.8) is possible, after which big players may sell the price down again.
- The area of interest of market-makers can be seen around $2852.
- Potential zone for selling is $2876-$2890 area (local imbalance).
- Support: $2852 (liquidity zone), $2825 (next support level).
- Resistance: $2876 (0.5 Fibo), $2890-$2900 (key selling zone).
- Key formations: Double top → decline → false breakdown → formation of “W”-shaped structure.
Conclusion
- Short-term: a pullback to $2876 is possible.
- Long-term: if the price does not consolidate above $2876-$2890, the probability of the downside continuation remains high.
- SMC indicates bearish control until there is a break of the structure on the higher timeframe.
- The price formed a false breakdown of the key support level, which may indicate the liquidation of weak positions before a possible corrective growth.
- The dollar index (DXY) shows growth, which puts additional pressure on gold.
Liquidation and reaction
- There was a longs liquidation after the double top formation, which triggered an impulsive decline.
- The price tested the liquidity zone near $2852 and formed a rebound.
- A return to 0.5 Fibo ($2876.8) is possible, after which big players may sell the price down again.
- The area of interest of market-makers can be seen around $2852.
- Potential zone for selling is $2876-$2890 area (local imbalance).
- Support: $2852 (liquidity zone), $2825 (next support level).
- Resistance: $2876 (0.5 Fibo), $2890-$2900 (key selling zone).
- Key formations: Double top → decline → false breakdown → formation of “W”-shaped structure.
Conclusion
- Short-term: a pullback to $2876 is possible.
- Long-term: if the price does not consolidate above $2876-$2890, the probability of the downside continuation remains high.
- SMC indicates bearish control until there is a break of the structure on the higher timeframe.
Dagangan aktif
False break of 0.5 fibo pushes the price downward 
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Penafian
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❤️ Telegram channel: t.me/AndeWave
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.