GOLD: Bulls Denied at the Ceiling! Target $4,640 in Sight

Apr 8

Gold's recent recovery has slammed into a massive wall of institutional supply. On the 2-hour chart, the technical confluence is screaming "rejection," and history looks ready to repeat itself.

The Macro Context: The Great Compression 🛰️
Since the mid-March volatility, Gold has been coiling within a massive Triangle Pattern. We are now approaching the terminal point of this multi-week structure, and the technical tension is peaking.

The Setup: A Classic "Bull Trap" 🧩
Local Breakout: We saw a clean exit from the local Triangle Pattern (micro), which initially baited many into thinking a moonshot was starting.

The Resistance Wall: That move ran straight into the descending Macro Resistance Line and a heavy Sell Area (red box) near $4,840.

Rejection Confirmed: The swift price rejection at this confluence suggests that big players are using this liquidity to fill short orders.

The Roadmap: Destination Support 🎯
As indicated by the black "zig-zag" projection, the path of least resistance has shifted back to the downside:

Immediate Support: Watch the $4,760 level (the previous breakout point).

Main Objective: A full slide back to the macro triangle floor around $4,640.

Invalidation: A clean daily close above the red supply zone ($4,860) would invalidate this bearish setup.

Apr 9

Trade active

I'm updating my idea.

As you can see from the screenshot, gold reached a key resistance line yesterday, along with two middle resistance lines of the triangle pattern.
And all this after a strong rally (buyers wouldn't have had the strength to break through this zone immediately).
So this was a great short trade.

The medium-term target is a strong support line.
But before that, we need to break through the support line that's currently near the price.

7 days ago

Trade closed: target reached

+1930 PIPS with help GAP we came to our GOAL - the support line