Bearish Continuation Pattern Detected on GOLD/USD

Bearish Continuation Pattern Detected on GOLD/USD 📉

📊 Chart Analysis Summary:

The GOLD/USD chart shows a clear bearish continuation pattern, following a rejection from a major resistance zone.

🔍 Key Technical Highlights:

🔺 Resistance Zone:

Strong resistance at 3,420 – 3,440 USD, marked by multiple rejections (🔴 red arrows).

Price formed a Bearish Harmonic Pattern (likely a Gartley or Bat), suggesting reversal from this resistance.

🔻 Bearish Momentum:

After the pattern completed, price broke below the minor support structure and is currently forming lower highs and lower lows, indicating bearish structure.

📉 Support Level:

Strong horizontal support zone around 3,298 – 3,300 USD, marked as “TARGET.”

This area was previously tested (🟠 orange circles) and now projected to act as a target level again.

🔄 Minor Retracement Zone:

Expecting a minor pullback to 3,347 USD (purple line) before potential continuation downward.

This zone aligns with the previous support turned resistance (classic SR flip).

🎯 Target Projection:

Based on the bearish impulse and measured move, the projected target is around 3,298.758 USD, which coincides with the previous support zone.

📌 Conclusion:
The price action suggests a high-probability bearish continuation, targeting the 3,298 USD zone unless the price breaks and holds above 3,347 USD. Traders may consider selling on rallies with a confirmation of rejection at resistance.

📉 Bias: Bearish
📍 Invalidation: Break and daily close above 3,347 USD

📉

📊 Chart Analysis Summary:

The GOLD/USD chart shows a clear bearish continuation pattern, following a rejection from a major resistance zone.

🔍 Key Technical Highlights:

🔺 Resistance Zone:

Strong resistance at 3,420 – 3,440 USD, marked by multiple rejections (🔴 red arrows).

Price formed a Bearish Harmonic Pattern (likely a Gartley or Bat), suggesting reversal from this resistance.

🔻 Bearish Momentum:

After the pattern completed, price broke below the minor support structure and is currently forming lower highs and lower lows, indicating bearish structure.

📉 Support Level:

Strong horizontal support zone around 3,298 – 3,300 USD, marked as “TARGET.”

This area was previously tested (🟠 orange circles) and now projected to act as a target level again.

🔄 Minor Retracement Zone:

Expecting a minor pullback to 3,347 USD (purple line) before potential continuation downward.

This zone aligns with the previous support turned resistance (classic SR flip).

🎯 Target Projection:

Based on the bearish impulse and measured move, the projected target is around 3,298.758 USD, which coincides with the previous support zone.

📌 Conclusion:
The price action suggests a high-probability bearish continuation, targeting the 3,298 USD zone unless the price breaks and holds above 3,347 USD. Traders may consider selling on rallies with a confirmation of rejection at resistance.

📉 Bias: Bearish
📍 Invalidation: Break and daily close above 3,347 USD