Strong Support Breakdown: Bearish Channel Pressure Pushes Gold Lower

Gold has again shown significant weakness after continued pressure within the bearish channel area. A break below the strong support level caused the price to form a new low (Lower Low/LL) on the 1-hour timeframe. This confirms the continued dominance of sellers and indicates the potential for bearish momentum to continue in the short term. Technical indicators also support this negative sentiment. The Zigzag pattern confirms the formation of a downtrend, while the downward-trending Moving Average (MA) line strengthens the selling opportunity. As long as the price remains below the support level, which has now become resistance, the bearish pressure has the potential to continue, with the next downside target being a lower support area.
Gold on the 15-minute timeframe formed a Support Become Resistance (SBR) pattern, intensifying selling pressure in line with the ongoing bearish trend. The price structure, marked by the formation of Lower Highs (LH) and Lower Lows (LL), and a Zigzag pattern that continues to trend downward, further confirms seller dominance. This situation opens the opportunity for gold to continue its decline and test the nearest support level around $3,309.