Technical Analysis of the Gold (XAU/USD) 1-Hour Chart
1. Current Trend:
The price is moving within a descending channel, indicating a dominant bearish trend.
This pattern reflects consistent lower highs and lower lows, confirming sustained selling pressure.
2. Resistance Zone (3,150 - 3,175):
The price has just touched the upper boundary of the channel, aligning with a significant resistance area around 3,150 - 3,175.
This zone is reinforced by previous price reactions, making it a critical decision point for traders.
3. Potential Rejection and Continuation:
The dotted blue path on the chart suggests a possible pullback from this resistance.
If the price fails to break above this level, it may trigger another wave of selling, pushing the price toward the lower channel boundary.
4. Key Support Levels:
Immediate support lies around 3,125, with a more substantial floor at 3,100 if the bearish momentum continues.
1. Current Trend:
The price is moving within a descending channel, indicating a dominant bearish trend.
This pattern reflects consistent lower highs and lower lows, confirming sustained selling pressure.
2. Resistance Zone (3,150 - 3,175):
The price has just touched the upper boundary of the channel, aligning with a significant resistance area around 3,150 - 3,175.
This zone is reinforced by previous price reactions, making it a critical decision point for traders.
3. Potential Rejection and Continuation:
The dotted blue path on the chart suggests a possible pullback from this resistance.
If the price fails to break above this level, it may trigger another wave of selling, pushing the price toward the lower channel boundary.
4. Key Support Levels:
Immediate support lies around 3,125, with a more substantial floor at 3,100 if the bearish momentum continues.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.