FXNOVA Strategy – Gold Intraday Bearish Below 5160
Analysis:
Gold on the 1-hour timeframe is currently trading inside a corrective consolidation after a strong bearish impulse that started from the 5400 supply zone. That sharp drop created a clear Break of Structure (BOS) to the downside and shifted the short-term market structure in favor of sellers.
Following the sell-off, price formed a weak low near the 5000 demand zone, where buyers temporarily stepped in and triggered a corrective rebound. However, the recovery remains limited and price is now approaching a key supply area between 5140 and 5160, which previously acted as resistance and liquidity.
This region also aligns with a recent strong high, suggesting that the current move is likely a retracement rather than a trend reversal. If price fails to break and hold above this supply zone, sellers may re-enter the market and push gold lower again.
As long as gold remains below 5160, the bearish intraday bias remains dominant. The next downside liquidity targets sit near 5050, followed by 5000, which is the most recent weak low and demand zone on the chart.
Trade Setup:
Enter: Sell below 5120
Stop-Loss (SL): 5170
Target A: 5050
Target B: 5000
