From TradingView · · 1m 10s
Gold stays capped under 4,390
A short setup on XAUUSD built on one supply zone holding, with a 4,000 target if support cracks.
In brief
A short setup on XAUUSD built on one supply zone holding, with a 4,000 target if support cracks. The trade lives or dies on the 4,390, 4,425 zone: below it, sellers stay in control; a sustained reclaim kills the idea. Originally reported by TradingView.
Price sits under supply
Gold is trading below the 4H bearish order block at 4,390, 4,425. That single fact keeps the short-term structure tilted down.
“Gold is currently trading below the 4H Bearish Order Block around 4,390, 4,425”
The rejection at 4,488
Price ran into 4,488 and turned away. That level doubles as the 50% Fibonacci retracement, which is why it mattered.
“Price previously rejected the 4,488 resistance / 50% Fibonacci level”
Lower highs, lower lows
Since that rejection, each push up has topped out beneath the last and each dip has cut deeper. Textbook downtrend structure.
“followed by continued lower highs and lower lows”
4,283 is the trigger
Support at 4,283 is the line that unlocks the next move. Break it and the path opens lower.
“A break below 4,283 support could open the way toward the Daily Bullish Order Block”
Target: 4,000 to 4,070
The daily bullish order block at 4,000, 4,070 is the next real demand area, where buyers are expected to show up.
“which represents the next major demand area”
What kills the short
Bulls need to reclaim the 4,390, 4,425 supply zone and hold above it. Until that happens, the bearish case stands.
“price would need to reclaim the 4H supply zone and sustain above it”
The one thing
The trade lives or dies on the 4,390, 4,425 zone: below it, sellers stay in control; a sustained reclaim kills the idea.
