"XAU/USD Bearish Breakdown: Rising Wedge Signals Potential Decli
This chart represents the XAU/USD (Gold Spot vs. US Dollar) price movement on a 1-hour timeframe.
Technical Analysis
Ascending Channel (Blue Lines)
The price has been moving within an ascending channel, indicating an overall bullish trend.
However, a breakdown of the lower trendline could signal a shift in momentum.
Bearish Rising Wedge (Red Lines)
A rising wedge pattern has formed, which is typically a bearish reversal pattern.
The price has broken below the wedge’s support, signaling a potential downward move.
Conclusion
Bearish Bias: The breakdown of the rising wedge suggests a bearish move.
Potential Downside Targets: $2,920 and $2,910 levels.
Invalidation of Bearish Outlook: If the price reclaims and sustains above the resistance zone (~$2,940+), the bearish scenario would be invalidated.
Technical Analysis
Ascending Channel (Blue Lines)
The price has been moving within an ascending channel, indicating an overall bullish trend.
However, a breakdown of the lower trendline could signal a shift in momentum.
Bearish Rising Wedge (Red Lines)
A rising wedge pattern has formed, which is typically a bearish reversal pattern.
The price has broken below the wedge’s support, signaling a potential downward move.
Conclusion
Bearish Bias: The breakdown of the rising wedge suggests a bearish move.
Potential Downside Targets: $2,920 and $2,910 levels.
Invalidation of Bearish Outlook: If the price reclaims and sustains above the resistance zone (~$2,940+), the bearish scenario would be invalidated.
Trade closed: target reached
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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.