$XAU
short :- $XAU
📉 XAU/USDT (Gold) Technical Review: Major Rejection at Key Resistance 📊
Market Perspective:
Gold ($XAUUSD) is currently displaying a textbook example of price rejection at a critical resistance level. Following the recent move on the 15-minute (15m) timeframe, the market structure is signaling a potential shift in momentum that traders should watch closely.
Technical Breakdown:
Resistance Rejection (Supply Zone):
As highlighted by the pink box in the chart, the $5,070 - $5,075 area has proven to be a heavy supply zone. The price failed to break above this level and reacted with sharp selling pressure, leaving behind long upper wicks—a classic sign that buyers are exhausted at these highs.
Bearish Path Confirmation:
The red pathline on the chart outlines a sequence of 'Lower Highs.' If the price continues to respect this downward trajectory, it confirms that the short-term trend has flipped from bullish to bearish.
Targeting Liquidity (Demand Zone):
The immediate downside objective appears to be the blue box near the $5,000 - $5,010 psychological level. This area serves as a major liquidity pool where buyers might step back in. A break below this level could open the doors for a deeper correction.
Trading Insight:
Trading at resistance is all about watching for rejection before making a move. Instead of chasing a breakout, waiting for a breakdown of support provides a higher-probability setup. Always keep an eye on the US Dollar Index (DXY), as its movement often dictates the pace for Gold.
Will Gold bounce back from $5,000, or are we looking at a deeper sell-off? Let’s discuss your targets in the comments! 👇
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