GOLD/USD Bearish Rejection From Resistance Zone – Potential Drop

GOLD/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.