XAUUSD 4H Analysis: Rejection at Resistance – Drop to $2,850?

📉 XAUUSD (Gold) 4H Analysis – March 5, 2025
Key Levels:
Resistance: Around $2,920 - $2,940 (price is testing this zone)
Support: Around $2,850 - $2,860 (marked as a demand zone)
Market Structure & Projection:
Gold is currently at a resistance level, which has previously acted as a strong supply zone.
The price is showing signs of rejection at resistance, indicating a potential bearish move.
The chart suggests a drop towards the $2,850 support level if price fails to break above resistance.
Indicators & Confluence:
200 EMA (Red Line): Located below the price, showing an overall bullish trend, but short-term correction is possible.
Bearish Structure: The recent push to resistance followed by rejection hints at a potential sell-off.
Liquidity Grab? If price briefly spikes above resistance and then reverses, a deeper drop could be confirmed.
Trading Bias & Strategy:
📉 Bearish Scenario: If rejection at resistance holds, price could head towards $2,850 support.
📈 Bullish Breakout?: If price breaks & closes above resistance with strong volume, upside continuation could be possible.
⚠ Watch for price action at resistance before taking trades. A breakout or rejection confirmation is key.

🔥 What’s Your Take? Bullish or Bearish? Let me know! 🚀📊