GOLD/USD Bearish Rejection From Resistance Zone – Potential DropGOLD/USD Bearish Rejection From Resistance Zone – Potential Drop Ahead! 🎯
📊 Technical Analysis Summary:
The chart illustrates a bearish setup forming after multiple rejection points near a key resistance zone around 3,360–3,380 USD.
🔍 Key Observations:
🔴 Double Rejection Pattern:
Red arrows highlight strong bearish rejections from resistance.
Indicates sellers are defending this zone aggressively.
🟠 Support Turned Resistance:
The previous support (labelled as "SUPPOT") is now acting as resistance.
Classic bearish retest behavior.
🔷 Bearish Flag Formation:
Price consolidates in a descending flag pattern.
Breakdown below the flag suggests continuation to the downside.
🎯 Target Zone:
If breakdown confirms, price may drop towards target area near 3,275–3,280 USD (marked as “TARGET FAXS”).
🟧 Important Reaction Zones:
Multiple orange circles indicate zones of high reaction – historically significant for both buyers and sellers.
📌 Conclusion:
Unless bulls reclaim the 3,360–3,380 resistance zone convincingly, the bias remains bearish, and the next leg down may target the 3,280 USD area.
🔔 Traders should watch for a clean break below 3,320 to confirm bearish continuation.
