Gold Faces Strong Resistance – Is a Drop Coming?

Hello everyone, i hope you all will be doing good in your life and your trading as well. Let's discuss about Gold (XAU/USD) which is facing strong resistance at the upper boundary of a descending channel on the 1H timeframe, indicating a potential bearish move ahead. After multiple attempts to break above, the price has been rejected, signaling that sellers are stepping in at higher levels. If the price sustains below 2,905, we could see further downside towards 2,880, followed by 2,840, and eventually 2,813. The stop loss for this trade setup is placed at 2,935, above the recent resistance. Volume analysis also confirms selling pressure, adding conviction to the bearish outlook. If the price fails to hold support, this could lead to a deeper correction within the channel. Stay cautious and manage risk accordingly!

Disclaimer: This analysis is for educational purposes only. Please consult a financial advisor before making investment decisions.

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