HelenP I. Gold will continue to decline and break support level

Hi folks today I'm prepared for you Gold analytics. After a prolonged period of consolidation, we can observe how price has formed a symmetrical pennant pattern. Price respected both the descending and ascending trend lines, bouncing several times from each side. Recently, gold tested the upper boundary of the pennant near the 3390 resistance level but failed to break through, confirming the strength of the resistance zone between 3390 and 3400 points. Following this rejection, the price started to decline and is now approaching the support level around 3305. If this support doesn’t hold, the price may drop further and break out of the pennant downward. In that case, the nearest significant target lies at 3280 points — near the lower trend line and previous reaction zones. Given the current structure, repeated rejection from resistance, and narrowing volatility inside the pattern, I expect XAUUSD to exit from the pennant and move down, breaking the support zone. That’s why I remain short-term bearish and set my goal at 3280 points. If you like my analytics you may support me with your like/comment.❤️

Disclaimer: As part of ThinkMarkets’ Influencer Program, I am sponsored to share and publish their charts in my analysis.

FirstNameHelen

🚀If you want became part of my trading team & start making big profits welcome to my paid VIP signals group, write me✏️ bit.ly/4grtzW3

❤️Welcome to my telegram channel👉🏼 bit.ly/418mk0x

ThinkMarket Ambasador Join & explore bit.ly/3YLyRVV

Also on:

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

FirstNameHelen

Also on: