Gold Faces Major Resistance: Is a Sharp Decline Imminent?

Sep 19

Hey everyone, looking at XAUUSD today, I noticed something quite interesting. Gold has reached an important resistance level, one that in the past has acted as a strong barrier, pushing the price down. This area has also been a strong supply zone, where sellers have previously taken control of the market. Therefore, it becomes a "hot" spot for those looking for shorting opportunities.

If the price starts showing bearish signals, such as rejection wicks, bearish candlestick patterns, or signs of weakening buying pressure, I think there's a good chance we could see a drop towards 3,604, and possibly even lower to 3,5XX if the selling pressure remains strong. However, if the price breaks this resistance clearly, the bearish outlook might be invalidated, and we could see a further rally.

This is just my personal view on the support and resistance levels, not financial advice. Always double-check your signals and ensure proper risk management.

Good luck with your trades!

Sep 19

Trade active

Sep 20

Order cancelled