XAUUSD - Gold Testing Resistance Level
GOLD is approaching a key resistance zone, which has historically acted as a strong supply area. This zone has previously seen significant price rejections, suggesting that sellers may step in again if the price reaches this level.
The current market structure shows a bullish move toward this resistance zone, but the momentum may begin to fade as it tests the upper boundaries. If the price confirms a rejection at this resistance zone with clear bearish signals, such as wicks or bearish engulfing candles, we could see a potential downward move.
I anticipate that, upon rejection, the price may head lower toward the $2669 level. This setup aligns with the idea of trend exhaustion near resistance, providing an opportunity for a short-term correction.
Let me know your thoughts or if you have any additional insights regarding this setup! Feel free to share in the comments!
The current market structure shows a bullish move toward this resistance zone, but the momentum may begin to fade as it tests the upper boundaries. If the price confirms a rejection at this resistance zone with clear bearish signals, such as wicks or bearish engulfing candles, we could see a potential downward move.
I anticipate that, upon rejection, the price may head lower toward the $2669 level. This setup aligns with the idea of trend exhaustion near resistance, providing an opportunity for a short-term correction.
Let me know your thoughts or if you have any additional insights regarding this setup! Feel free to share in the comments!
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