[ad_1]

Gold is facing an unstoppable bearish situation. If you’re taking the “rest and retest” course, your current setup is almost perfect.

Mode: History Repeats🔁
Sellers (shorts) have complete control over the 2H time frame. This has happened twice:

First Breakout: Initially, the large wedge pattern was broken downwards and then retested in an orderly manner, resulting in a sharp price decline.

Current situation: The second descending wedge pattern has also been broken.

Motivation: Resistance still exists 🧱
Retest: Price retests the major descending resistance line (around $4,700).

Denial: This level is like a solid wall. The “retest” area on the chart shows the point where downside momentum is expected to resume.

Momentum: As long as price remains below this diagonal resistance line, the bearish scenario remains 100% valid.

Plan: Target $4,300 🎯
The path is clear. As the local wedge is broken and major resistance remains, price is likely to head towards the liquidity zone:

Main target: $4,300 (strong support).

Why $4,300? Because this is an important psychological and structural level, buyers may start entering the market again.

[ad_2]

Source link