Gold has made a strong bullish move on the 15-minute chart, climbing from the 4130โ4150 region toward the 4195โ4205 resistance zone. However, price is now approaching an area where sellers have previously stepped in.
๐ Technical Breakdown
๐ด Resistance Zone: 4198โ4215 Price has returned to a previous supply area where selling pressure may emerge. A rejection from this zone could signal a short-term bearish correction.
๐ข Potential Support Zone: 4134โ4152 This zone previously acted as a breakout area before the strong bullish rally. If price pulls back, it could become an important area to watch for a potential reaction.
๐ Bearish Scenario If price rejects resistance and confirms bearish momentum on M15, gold could pull back toward 4180, followed by the 4150โ4140 region. The lower support zone is the main downside area highlighted on the chart.
๐ Bullish Invalidation A strong breakout above 4205โ4215, followed by a successful retest, could invalidate the immediate bearish pullback idea and open the door for further upside.
๐ฏ Trading Plan
- Watch for rejection and bearish confirmation at resistance.
- Avoid selling blindly before confirmation.
- Monitor price action around the marked support zone.
- Use a stop-loss based on market structure and maintain proper risk management.
- If price breaks and holds above resistance, reassess the bearish scenario.
My Outlook: Gold is testing a significant resistance area after a strong rally. A pullback is possible, but confirmation is essential before considering a sell. The marked downside zone represents a potential target area, not a guaranteed destination.
What do you think? Will XAUUSD reject resistance and correct lower, or will buyers break through 4205?
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