"XAU/USD – Bearish Reversal from Resistance? 📉"
Gold is trading inside a rising channel, currently facing strong resistance around $2,920-$2,923. This level aligns with previous support-turned-resistance, making it a crucial decision point.
🔸 Bearish Scenario: If price rejects this resistance zone, we could see a move toward the lower channel boundary and possibly $2,900-$2,880 support.
🔸 Bullish Scenario: A confirmed breakout above $2,923 could push gold toward $2,940 and higher.
⚠️ Key Levels:
✅ Support: $2,880, $2,863
🚨 Resistance: $2,920-$2,923, $2,940
A rejection here could provide short opportunities, while a breakout might trigger bullish momentum. What’s your bias on gold? Let’s discuss
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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.