From TradingView · · 1m 10s
Gold Price Drops to 4080 as Bearish Wave Unfolds
Gold price drops to 4080 as bearish wave structure unfolds.
In brief
Gold price drops to 4080 as bearish wave structure unfolds. Gold price drops to 4080 after bearish wave structure rejection. Originally reported by TradingView.
Gold Struggles to Recover
Gold price struggles to recover after rejection from 4189, 4200 resistance zone.
Bearish Structure Forms
Price forms bearish CHOCH and continues lower with sequence of lower highs and lower lows.
Recent Rebound Fails
Latest rebound toward 4140 fails to sustain momentum, returning to 4124.
Potential Five-Wave Bearish Structure
Current count suggests potential five-wave bearish structure leading to 4075, 4085 order block.
Key Decision Zone
Price consolidates near 4110, 4130; breakdown opens path to 4075, 4085 order block.
Sell Scenario 1
Rebound toward 4128, 4135 followed by bearish rejection suggests sellers defending descending structure.
Sell Scenario 2
H1 candle closing below 4110 with failed retest could extend move toward 4075, 4085 order block.
Buy Scenario 3
Reclaiming 4135, 4140 with bullish structure shift could trigger move toward 4170 and 4189.
At a glance
Gold price drops to 4080 after bearish wave structure rejection.
