FXNOVA Strategy – Gold Intraday Bearish Bias Below 5,230
Analysis
Gold on the 1-hour timeframe recently produced a corrective bullish move after establishing a strong structural low near 5,020. From that liquidity zone the market generated a bullish Change of Character (CHoCH) and pushed price toward the 5,210–5,230 supply region.
However, once price reached this area the bullish momentum weakened. The chart shows a weak high around 5,230, indicating that buyers failed to sustain the upward move inside this supply zone. This level coincides with a previous distribution area where institutional sellers previously entered the market.
After the rejection from this resistance, Gold began to retrace lower again. The current price around 5,148 suggests that the market is reacting to that supply zone and the previous rally was likely a retracement into liquidity rather than a trend reversal.
If Gold continues trading below 5,230, the downside momentum may extend toward nearby demand levels. The first downside objective sits near 5,120, which represents the closest structural support and liquidity zone on the chart.
If bearish pressure strengthens further, the market could extend the move toward the 5,060–5,080 demand zone, where stronger buying interest previously appeared.
As long as price remains below 5,230, the intraday bias favors bearish continuation.
Trade Setup
Enter: Sell below 5,145
Stop-Loss (SL): 5,235
Target A: 5,120
Target B: 5,070
