"Gold Struggles at Key Resistance – Is a Drop to 3928 Next?"

Oct 7

Gold (XAUUSD) Technical Analysis – Weakness Below Key Resistance 🔍

Gold is currently trading around the 3962 mark, showing signs of exhaustion after multiple failed attempts to break above the 3977 psychological resistance level. This level has proven to be a strong barrier, capping bullish momentum and indicating a possible short-term top.

📉 Key Technical Levels:

Resistance: 3977 (Psychological & Technical)

Immediate Support: 3945

Next Support: 3928 (if 3945 breaks)

The repeated rejections at 3977 suggest that buyers are struggling to gain control above this zone. The price is now showing weakness, with bearish pressure gradually building. A clean break below the 3945 support zone would likely confirm the shift in momentum, potentially opening the path toward the 3928 level as the next downside target.

Market Outlook:

As long as price remains below 3977, the bias remains bearish to neutral in the short term.

A break and close below 3945 could trigger a further decline toward 3928, aligning with the retracement expectations.

💡 Trading Insight:
Watch for a clear rejection or breakout confirmation at 3945. A strong bearish candle closing below this level on higher volume would validate the downside move. Conversely, any sustained move back above 3977 could invalidate the bearish scenario and shift focus back to the upside.

Oct 7

Trade active

I previously shared a bearish outlook on GOLD, expecting a move from 3962 down to 3928.

🔹 First target at 3950 was successfully hit, showing early confirmation of the bearish pressure.
🔹 Price then broke the key support level at 3945, adding further strength to the bearish momentum.
🔹 With continued downside follow-through, the market is now on track to reach the final target at 3928 as anticipated.

This move respects both technical levels and market structure – a great example of analysis playing out in real time.

📉 Patience and precision always pay off. Let’s keep building on the momentum.
💬 Drop your thoughts below or share how you traded this move!

#Gold #XAUUSD #TradingView #BearishAnalysis #PriceAction #MarketUpdate #TechnicalAnalysis