Gold Short-Term Analysis – Bearish Structure Firmly Intact.

Gold remains locked in a well-defined bearish structure, with a clear downward channel established by multiple touchpoints. Price has retraced sharply, but the rally has stalled precisely at the HVZ resistance zone between 3,355–3,390, which coincides with the upper boundary of the channel. This HVZ acts as a supply zone, where aggressive selling pressure has consistently emerged. There is no sustainable bullish reversal as long as price remains below 3,390, and any intraday spikes into the HVZ are opportunities for bears to reload positions.

The recent steep rally is a corrective move within the broader bearish trend formation, not a structural shift. This corrective phase has already lost momentum, evident in the failure to close convincingly above the HVZ. The bearish thesis remains valid as long as price trades below 3,390 no exceptions.

The downside roadmap is clear:

A decisive rejection from the HVZ zone sends price back to the break line at 3,250, which is a critical price area.

Breaching 3,250 opens a clean path for continuation down to the primary bearish target at 3,205–3,203, aligning with the measured move from the channel width and historical support levels.

Key Points:
The channel structure is intact; the recent upward leg is corrective, not impulsive.
Resistance aligns with previous failed rallies, reinforcing the HVZ’s strength as a sell zone.
No macro catalyst supports a sustainable breakout above HVZ; upside liquidity grabs will get sold into.
Only a confirmed close above 3,390 with follow-through invalidates the bearish structure nothing else.

Conclusion:
The trend is bearish. Price below 3,390 is an active short bias with targets at 3,250 and 3,205. Upside is capped by strong supply; intraday rallies into HVZ provide the best risk-reward short setups. Bullish scenarios are irrelevant unless the HVZ is convincingly broken with high volume.