Gold (XAU/USD) Price Analysis: Bearish Reversal After Double Top
This chart represents the Gold Spot price (XAU/USD) on the 1-hour timeframe. Here’s an analysis of the price action and structure:
Key Observations:
Double Top Formation:
The red arrow highlights a potential double top pattern, indicating a possible bearish reversal.
The price attempted to break above resistance around $2,927 but failed.
Support & Resistance Levels:
Resistance Zone (Red Area): Around $2,920 - $2,927, where the price has struggled to break through.
Support Zone (Green Area): Around $2,875 - $2,880, where buyers might step in.
Trendline Break:
A blue trendline was supporting the uptrend, but the price has broken below it.
This signals a potential shift from bullish to bearish sentiment.
Bearish Outlook:
The chart suggests a sell setup, with a target around $2,880.
If this level breaks, further downside movement is possible.
Conclusion:
If the price stays below $2,912, further declines are likely.
A retest of $2,875 - $2,880 is expected.
A break above $2,927 would invalidate the bearish setup.
Key Observations:
Double Top Formation:
The red arrow highlights a potential double top pattern, indicating a possible bearish reversal.
The price attempted to break above resistance around $2,927 but failed.
Support & Resistance Levels:
Resistance Zone (Red Area): Around $2,920 - $2,927, where the price has struggled to break through.
Support Zone (Green Area): Around $2,875 - $2,880, where buyers might step in.
Trendline Break:
A blue trendline was supporting the uptrend, but the price has broken below it.
This signals a potential shift from bullish to bearish sentiment.
Bearish Outlook:
The chart suggests a sell setup, with a target around $2,880.
If this level breaks, further downside movement is possible.
Conclusion:
If the price stays below $2,912, further declines are likely.
A retest of $2,875 - $2,880 is expected.
A break above $2,927 would invalidate the bearish setup.
Trade active
Support Zone: 80,679 - 82,527 USDT (Potential reversal area)Resistance Zone: 90,000 - 92,000 USDT (Previous rejection area)
Bullish Setup: Price is testing the strong support zone and showing signs of a potential upward reversal
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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.