XAUUSD

Hello Traders! 👋

What are your thoughts on Gold?

Gold is currently trading within a range structure between two key supply and demand zones, approaching a critical decision area.

The ascending trendline has already been broken, and price is now completing a pullback toward the broken trendline, which could act as a new dynamic resistance.

Resistance Zone
The 5300 – 5380 area represents a strong resistance zone that also aligns with the 0.786 Fibonacci retracement level.
This region previously triggered strong selling pressure and could once again attract sellers.

Support Zone
On the downside, the 4900 – 5000 area acts as a key support zone, which previously supported price and also coincides with the 0.5 Fibonacci level.

Potential Scenario
• In the short term, price may continue a corrective move toward the 5300 resistance zone.
• A bearish reaction from this area could trigger a strong downside move.
• A break below the 5000 support could open the path toward the 4500 level.

As long as price remains below the broken trendline and the supply zone, the bearish outlook remains valid.
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