Gold (XAU/USD) Price Analysis: Bearish TReversal from Resistance
This is a technical analysis chart of Gold (XAU/USD)
Key Observations:
1. Resistance Zone:
A resistance area is marked in the upper part of the chart, where the price struggles to break through.
The price reached this zone and faced rejection, indicating selling pressure.
2. ABC Correction Pattern:
The chart displays an ABC corrective structure:
(A) represents the initial upward movement.
(B) shows a pullback.
(C) marks a final upward push before reversing.
3. Bearish Reversal Indication:
The price failed to sustain above the resistance zone and started declining.
The red arrow suggests a potential downward move.
A short position (sell trade) is highlighted in the red-shaded area.
4. Key Support Zones:
The price is approaching a highlighted support region where buyers may step in.
A deeper pullback could lead to the lower support box.
5. Volume and Momentum:
If bearish momentum increases, price might break support and continue downward.
If buyers hold support, a bounce back towards resistance is possible.
Conclusion:
The market is currently showing bearish signs after hitting resistance.
A short trade setup appears in play, targeting lower support zones.
Key Observations:
1. Resistance Zone:
A resistance area is marked in the upper part of the chart, where the price struggles to break through.
The price reached this zone and faced rejection, indicating selling pressure.
2. ABC Correction Pattern:
The chart displays an ABC corrective structure:
(A) represents the initial upward movement.
(B) shows a pullback.
(C) marks a final upward push before reversing.
3. Bearish Reversal Indication:
The price failed to sustain above the resistance zone and started declining.
The red arrow suggests a potential downward move.
A short position (sell trade) is highlighted in the red-shaded area.
4. Key Support Zones:
The price is approaching a highlighted support region where buyers may step in.
A deeper pullback could lead to the lower support box.
5. Volume and Momentum:
If bearish momentum increases, price might break support and continue downward.
If buyers hold support, a bounce back towards resistance is possible.
Conclusion:
The market is currently showing bearish signs after hitting resistance.
A short trade setup appears in play, targeting lower support zones.
Trade closed: target reached
🎯 Target Hit! Another Successful Analysis ✅
Massive shoutout to everyone who followed this setup! The price respected our zones perfectly, breaking out of the rising channel and hitting our key demand area before reversing. Patience and precision always pay off!
This is why technical analysis is so powerful when done right. More setups coming soon—stay tuned! 🚀
Let me know in the comments if you caught this move! 🔥
#Trading #Forex #Gold #PriceAction #TechnicalAnalysis #TraderMindset
Related publications
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.
Related publications
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.