FXNOVA Strategy – Gold Bearish Bias Below 4200
Analysis:
Gold (XAU/USD) maintains a bearish intraday tone while trading below the pivot resistance at 4200. Sellers remain in control, targeting 4160 and the secondary downside objective at 4143. Price action continues to show rejection from the upper resistance zone, reinforcing the likelihood of a downward continuation.
Momentum indicators support the bearish scenario. The RSI calls for a drop, signaling growing downside pressure and weakening bullish attempts. As long as the market remains capped beneath 4200, corrective movement toward 4160 appears likely, with the potential for deeper extension toward 4143.
Alternatively, a break above 4200 would weaken the bearish setup and open the path toward 4220 and 4230, where the next major resistance levels are located.
Trade Setup:
Enter: Short below 4200
Stop-Loss (SL): 4220
Target A: 4160
Target B: 4143
