FX.co ★ Jackroay | XAU/USD, GOLD

The M30 chart of Barrick Gold Corporation (BC) shows a strong bearish move after the price failed to hold above the resistance area near 41.00–41.50. Earlier, the market was trading in a relatively stable range around 42.50–43.40, but sellers entered aggressively and pushed the price sharply lower. The large bearish candles visible on the chart indicate strong selling pressure and a change in market sentiment from bullish to bearish. After the initial drop, the price attempted a small recovery toward the 40.70–41.00 area, but buyers were unable to maintain momentum. This rejection from resistance confirms that sellers are still controlling the market. The horizontal level around 39.87 acted as an important support zone for some time, but the recent candles show that the price has broken below this level. A break of support often signals continuation of the current trend, and this increases the probability of further downside movement. The overall structure now consists of lower highs and lower lows, which is a classic sign of a bearish trend. Trading volume appears to have increased during the sell-off, suggesting that market participants were actively selling rather than taking profits. As long as the price remains below the 40.00–40.30 region, the bearish outlook remains stronger than the bullish outlook. Any short-term upward movement may simply be a corrective pullback unless buyers can reclaim the broken support and turn it back into support again.

traders should closely monitor the area between 39.80 and 40.00, which now acts as a key resistance zone after the breakdown. If the price remains below this region, sellers may target the next support levels around 39.20 and 38.90. The recent candles near the end of the chart show weak recovery attempts, indicating that buying interest is still limited. Although there are a few small bullish candles, they do not yet show enough strength to suggest a trend reversal. For a bullish scenario to develop, buyers would need to push the price back above 39.87 and then break through 40.30–40.50 with strong momentum. Until that happens, rallies may attract fresh selling pressure. The market is currently in a consolidation phase after a significant decline, and traders should be cautious of false breakouts. Momentum indicators would likely remain bearish due to the sharp downward move. Overall, the technical picture on the M30 timeframe favors sellers, with the market showing weakness below key resistance levels. A continuation of the bearish trend remains the more likely scenario unless a strong bullish breakout occurs. Risk management is important because volatility can increase after such sharp price movements, leading to sudden reversals and larger-than-normal price swings.