Gold Near Heavy Resistance — Correction Before or After the Fed?
⠀
Gold rallied strongly over the past 24 hours and reached as high as $4,066 just before today’s FOMC decision.
⠀
Now the story gets more interesting.
⠀
Price is approaching the Heavy Resistance Zone ($4,067-$4,122), where several technical signals suggest bullish momentum could start losing strength.
⠀
On the 4-hour and 1-hour timeframes, a Bearish Deep Crab Harmonic Pattern appears to be completing near this area.
⠀
At the same time, Elliott Wave suggests Primary Wave 4 may also be nearing completion as a Double Three Correction (W-X-Y).
⠀
My current scenario is for $XAU to react negatively from this resistance structure and move back below the Support Zone ($4,025-$4,035).
⠀
The first downside target is $4,014.
⠀
If bearish momentum strengthens, the move could extend toward $3,999 and put the psychological $4,000 level under pressure again.
⠀
Trade Setup
⠀
TP1: $4,014
TP2: $3,999
SL: $4,101
⠀
Key Level: $4,012
⠀
Educational Note:
A Bearish Deep Crab identifies a potential reversal area through Fibonacci relationships. Confirmation becomes stronger when the pattern completes near major resistance and sellers begin taking control.
⠀
Today’s FOMC can easily create False Breakouts in both directions, so I would not trust the first reaction blindly.
⠀
This is only my technical scenario. Risk management matters more than ever today.
⠀
Which comes first?
⠀
🔴 $3,999
🟢 $4,101
⠀
#GOLD
⠀
Gold rallied strongly over the past 24 hours and reached as high as $4,066 just before today’s FOMC decision.
⠀
Now the story gets more interesting.
⠀
Price is approaching the Heavy Resistance Zone ($4,067-$4,122), where several technical signals suggest bullish momentum could start losing strength.
⠀
On the 4-hour and 1-hour timeframes, a Bearish Deep Crab Harmonic Pattern appears to be completing near this area.
⠀
At the same time, Elliott Wave suggests Primary Wave 4 may also be nearing completion as a Double Three Correction (W-X-Y).
⠀
My current scenario is for $XAU to react negatively from this resistance structure and move back below the Support Zone ($4,025-$4,035).
⠀
The first downside target is $4,014.
⠀
If bearish momentum strengthens, the move could extend toward $3,999 and put the psychological $4,000 level under pressure again.
⠀
Trade Setup
⠀
TP1: $4,014
TP2: $3,999
SL: $4,101
⠀
Key Level: $4,012
⠀
Educational Note:
A Bearish Deep Crab identifies a potential reversal area through Fibonacci relationships. Confirmation becomes stronger when the pattern completes near major resistance and sellers begin taking control.
⠀
Today’s FOMC can easily create False Breakouts in both directions, so I would not trust the first reaction blindly.
⠀
This is only my technical scenario. Risk management matters more than ever today.
⠀
Which comes first?
⠀
🔴 $3,999
🟢 $4,101
⠀
#GOLD
