Gold Bearish Pennant Breakdown | Downside Target in Play

1 May

Gold has broken down from a clear bearish pennant on the 4H timeframe, signaling potential continuation of the recent correction from all-time highs.

🔸 Technical Outlook:

📉 Bearish Pennant confirmed with downside breakout

📉 Price breaks below Ichimoku Cloud support

🎯 Target zone near $3,035, based on pattern projection

🔻 Below key support at $3,287, bears are in control

🔸 Fundamentals:

📊 Stronger USD (as seen in DXY bounce) adds downward pressure

🏦 Markets reassessing Fed rate cut expectations

📉 Gold could face more short-term selling if risk sentiment improves

📌 Bias: Bearish below $3,287 — watching for continuation toward the $3,035 zone.

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1 May

İşlem aktif

Trade Active:
Sell position activated at $3,226 following bearish pennant breakdown. Monitoring price action toward targets at $3,260, $3,240, and $3,100 .

1 May

Not

Trade Active:
Sell position activated at $3,226 following bearish pennant breakdown. Monitoring price action toward target$3,030