**Gold (XAU/USD) Approaching Bearish Confirmation at Major Resis
This chart shows gold (XAU/USD) on the 1-hour timeframe, highlighting key resistance and support zones.
Key Observations:
1. All-Time High & Major Resistance:
- Price recently reached an all-time high and faced rejection from the major resistance zone.
- A pullback is currently in progress, and the chart suggests waiting for **bearish confirmation** before entering a short trade.
2. Bearish Expectation:**
- If the resistance holds and bearish confirmation appears, a sell-off toward the **1st target (2,772.32)** and then the 2nd target (2,750.15 - 2,750.43) is expected.
3. Major Support Zone:**
- If the decline continues, the **major support** area around **2,720** could be tested.
Trading Strategy:
- Wait for confirmation** before entering short positions.
- A strong **bearish rejection** from resistance will validate the short setup.
- If price breaks back above resistance, bearish bias would weaken.
Key Observations:
1. All-Time High & Major Resistance:
- Price recently reached an all-time high and faced rejection from the major resistance zone.
- A pullback is currently in progress, and the chart suggests waiting for **bearish confirmation** before entering a short trade.
2. Bearish Expectation:**
- If the resistance holds and bearish confirmation appears, a sell-off toward the **1st target (2,772.32)** and then the 2nd target (2,750.15 - 2,750.43) is expected.
3. Major Support Zone:**
- If the decline continues, the **major support** area around **2,720** could be tested.
Trading Strategy:
- Wait for confirmation** before entering short positions.
- A strong **bearish rejection** from resistance will validate the short setup.
- If price breaks back above resistance, bearish bias would weaken.
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