Gold may break support level and continue to decline next

Apr 4

Hello traders, I want share with you my opinion about Gold. The price started to grow from the buyer zone between 2885–2905 points, forming a clean bullish impulse and entering a broadening wedge structure. During the uptrend, Gold made several rebounds from the support line and broke above the current support level at 3070, which later became a key point in the price structure. After reaching the resistance line of the wedge, the price turned around and began a downward correction. The decline brought it back into the support area between 3087–3070 points, but this zone has already failed to hold the momentum. Currently, XAU is trading below the upper boundary of the support area and showing clear signs of weakness. The breakout to the downside from the wedge structure has already taken place, and the price is starting to form a local pullback. I expect this pullback to be short-lived, followed by a continuation of the downward movement. My target for this move is the 2990 level, which aligns with the support line of the broadening wedge and serves as the next strong reaction zone. Given the failed rebound from resistance, the breakdown of the support area, and the structure of the broadening wedge, I remain bearish and expect Gold to continue declining toward TP 1 — 2990 level. Please share this idea with your friends and click Boost 🚀

Apr 5

Trade active

GOOD! Gold broke support level and declined a lot. I think it can soon reach my target, so I'm still waiting for this.