Gold (XAU/USD) Breaks Key Support – Bearish Move Ahead?
This is a technical analysis chart of XAU/USD (Gold vs. US Dollar) on the 1-hour timeframe from TradingView.
Key Observations:
Ascending Channel Breakdown:
The price has been moving within an upward-sloping channel (blue trendlines).
It recently broke below the lower boundary of the channel, indicating a potential bearish trend shift.
Resistance Zone (Yellow Box):
There is a highlighted yellow zone acting as a resistance area around $2,930 - $2,940.
Price retested this area before moving lower, confirming it as a strong supply zone.
Bearish Projection (Red Arrow):
A bearish move is anticipated with a potential downward target near $2,870 - $2,860.
The break of the trendline suggests further downside pressure.
Short-Term Retracement Possible:
The price might retest the broken trendline before continuing its downward move.
Trading Outlook:
Bearish Bias: A break below support suggests sellers are in control.
Confirmation Needed: If price retests and rejects from the previous support turned resistance, it strengthens the bearish case.
Target Levels: Potential support areas near $2,880 - $2,870.
Risk Management: If price reclaims the resistance area above $2,940, the bearish outlook may be invalidated.
Conclusion:
Downtrend Likely: The break of the ascending channel signals further downside risk.
Key Resistance: $2,930 - $2,940.
Key Support: $2,880 - $2,870.
Key Observations:
Ascending Channel Breakdown:
The price has been moving within an upward-sloping channel (blue trendlines).
It recently broke below the lower boundary of the channel, indicating a potential bearish trend shift.
Resistance Zone (Yellow Box):
There is a highlighted yellow zone acting as a resistance area around $2,930 - $2,940.
Price retested this area before moving lower, confirming it as a strong supply zone.
Bearish Projection (Red Arrow):
A bearish move is anticipated with a potential downward target near $2,870 - $2,860.
The break of the trendline suggests further downside pressure.
Short-Term Retracement Possible:
The price might retest the broken trendline before continuing its downward move.
Trading Outlook:
Bearish Bias: A break below support suggests sellers are in control.
Confirmation Needed: If price retests and rejects from the previous support turned resistance, it strengthens the bearish case.
Target Levels: Potential support areas near $2,880 - $2,870.
Risk Management: If price reclaims the resistance area above $2,940, the bearish outlook may be invalidated.
Conclusion:
Downtrend Likely: The break of the ascending channel signals further downside risk.
Key Resistance: $2,930 - $2,940.
Key Support: $2,880 - $2,870.
Transakcja zamknięta: osiągnięto wyznaczony cel
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This is why we trust our technicals and stay patient! 💡💰 If you caught this move, drop a 🔥 in the comments! More setups coming soon—let’s keep winning together!
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