š Overall Market Structure (Gold ā 1H Chart)
The market recently broke below a major ascending trendline, showing a shift from bullish to bearish momentum. Price is now retesting that broken trendline from below.
This behavior is classic bearish retest ā continuation.
š Key Observations
1. Trendline Break
- The strong blue trendline has been broken decisively.
- After the break, price pulled back to retest the trendline (now acting as resistance).
- Sellers are expected to step in around this area.
2. Resistance Zones
You have multiple horizontal resistance zones marked in purple. The most important ones right now:
- Current retest zone (approx. 4095ā4105)
- Major resistance above at the top (around 4130ā4140)
Price failed to break these areas previously, indicating strong selling pressure.
3. Bearish Trend Continuation
The market has already created:
- Lower highs
- Lower lows
- A retest into resistance
This suggests the trend is bearish, and the arrows you drew indicate expected continuation to the downside.
š Bearish Targets
Based on your marked zones, possible downside targets:
Target 1
- 4025ā4040 zone
This is the nearest strong support. Price may react here.
Target 2 (Major Support)
- 3985ā4000 zone
This is a strong historical support; you marked it as the final downside target.
If the price reaches this zone, a bullish bounce is possible.
š When Bullish Scenario Could Activate
A bullish reversal may start only if:
- Price breaks back above the trendline, and
- Breaks above resistance around 4105ā4115
Until then, the structure remains bearish.
š Summary
- Market broke a major trendline ā bearish.
- Currently retesting resistance ā sellers likely to enter.
- Expecting continuation downward toward 4025, then 3985.
- Uptrend only resumes if price breaks above 4105ā4115.
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