Breakdown Below Breakout Zone Suggests Further Downside

23 Nis

Gold (XAUUSD) continues to retrace after a strong rally, with price currently trading around $3,341.69. The chart highlights a clear rejection from the previously identified breakout zone between $3,372 and $3,396. This zone, once broken upward, has now acted as a supply region, triggering selling pressure upon retest. The market is showing signs of weakness as each attempt to reclaim the zone fails, and momentum builds on the downside with increasing volume.

As illustrated, price has now broken down below the breakout zone, retested it, and started forming a bearish structure. The day-trading target has been marked near $3,296, aligning closely with the next support zone at $3,294.22. If the bearish structure completes as anticipated, this level could be tapped within the session.

The outlook remains bearish until bulls reclaim and close above the $3,372 region. Until then, the path of least resistance appears to favor further dips, especially as intraday sellers are taking control. This setup remains valid unless the price sharply reclaims the yellow supply block above.

23 Nis

İşlem kapandı: hedefe ulaştı

Target reached !! Trade closed .