Gold (XAU/USD) 1H Analysis: Bearish Breakdown Towards Key Suppor
This chart represents the price action of XAU/USD (Gold Spot vs. U.S. Dollar) on a 1-hour timeframe.
Key Observations:
Resistance and Double Top Formation:
The chart shows two red circles marking local highs, which suggest a possible double-top formation—a bearish reversal pattern.
This indicates that price attempted to break higher but failed twice, leading to a rejection.
Support Turned Resistance (Yellow Zone):
A yellow highlighted zone marks an area of previous support that has now turned into resistance after a breakdown.
Price action suggests that it attempted to retest this zone before dropping further.
Bearish Breakdown:
The price has fallen below the previous support zone and is now trading lower.
A red arrow projection suggests that the next potential move is downward.
Target Zone (Blue Line at 2,863.657):
The next major support level is indicated by the blue horizontal line at 2,863.657.
This suggests that price might continue to drop toward this level.
Conclusion:
The overall trend in this timeframe appears bearish.
A rejection from resistance and break below support signal a potential continuation downward.
If the price remains below the yellow zone, the next possible downside target is around 2,863.657.
Key Observations:
Resistance and Double Top Formation:
The chart shows two red circles marking local highs, which suggest a possible double-top formation—a bearish reversal pattern.
This indicates that price attempted to break higher but failed twice, leading to a rejection.
Support Turned Resistance (Yellow Zone):
A yellow highlighted zone marks an area of previous support that has now turned into resistance after a breakdown.
Price action suggests that it attempted to retest this zone before dropping further.
Bearish Breakdown:
The price has fallen below the previous support zone and is now trading lower.
A red arrow projection suggests that the next potential move is downward.
Target Zone (Blue Line at 2,863.657):
The next major support level is indicated by the blue horizontal line at 2,863.657.
This suggests that price might continue to drop toward this level.
Conclusion:
The overall trend in this timeframe appears bearish.
A rejection from resistance and break below support signal a potential continuation downward.
If the price remains below the yellow zone, the next possible downside target is around 2,863.657.
Transakcja zamknięta: osiągnięto wyznaczony cel
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