Bearish Pullback Into Resistance, Downside Target in FocusMarket Structure
Price previously made a strong impulsive drop, followed by a rounded bottom / corrective recovery.
That recovery looks corrective, not impulsive (overlapping candles, curved structure), suggesting a bearish continuation setup rather than a trend reversal.
Key Zones
Major Resistance (≈ 5,100 – 5,130)
This zone previously acted as support, then flipped to resistance (classic S/R flip).
Price is projected to retest this zone before rejecting.
Support / Target Zone (≈ 4,750)
Strong demand zone where price previously reacted sharply.
Labeled clearly as the downside target.
Pattern & Bias
The white projection suggests a pullback → lower high → continuation down.
This resembles a bearish retracement into resistance, aligned with:
Prior breakdown level
Failure to reclaim key resistance
Momentum on the right side is weaker than the prior sell-off → bearish divergence in structure.
Trade Idea (Based on the Drawing)
Bias: Bearish below resistance
Entry Area: Near the resistance zone (~5,100)
Invalidation: Clean break and hold above resistance
Target: Support zone around ~4,750
Summary
Gold appears to be in a bearish continuation phase, with price likely retracing into resistance before rolling over. As long as resistance holds, the path of least resistance remains downward toward the marked support.
If you want, I can:
Short
