(Gold, 1H timeframe), the setup looks like a rejection from a descending trendline with a marked demand zone below.
📉 Short bias breakdown:
Price just tapped the trendline resistance
Rejection candles forming → sellers stepping in
Clear support/demand zone highlighted below
🎯 Target:
My marked zone is the correct area.
Primary target:
➡️ 4,670 – 4,680
🧠How I’d read it:
First reaction likely around 4,690 (minor structure)
If momentum continues → full move into the demand zone
That zone is where buyers previously stepped in → expect bounce or consolidation
⚠️ Keep in mind:
If price breaks and closes above trendline, this setup is invalid
Watch volume — strong bearish volume supports the move
📉 Short bias breakdown:
Price just tapped the trendline resistance
Rejection candles forming → sellers stepping in
Clear support/demand zone highlighted below
🎯 Target:
My marked zone is the correct area.
Primary target:
➡️ 4,670 – 4,680
🧠How I’d read it:
First reaction likely around 4,690 (minor structure)
If momentum continues → full move into the demand zone
That zone is where buyers previously stepped in → expect bounce or consolidation
⚠️ Keep in mind:
If price breaks and closes above trendline, this setup is invalid
Watch volume — strong bearish volume supports the move
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.
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.