Gold (XAU/USD) is currently trading within a well-defined descending channel, and the structure suggests further downside movement is likely.
🔍 Technical Highlights:
Price has consistently rejected the upper boundary of the channel.
Currently trading near $3,295, facing resistance at $3,310–$3,340 zone.
Key Fibonacci level (0.618) at $3,261.91 is under pressure.
A clean break below this level could trigger a drop toward $3,231, with an extended target near $3,198.
Volume profile shows a lack of strong demand in this region, supporting the bearish case.
📅 Multiple key U.S. economic events approaching (as seen by the icons on the chart), which may act as catalysts for volatility and potential confirmation of this setup.
📉 Trade Idea:
Watching for a break and retest of $3,261 support to enter short.
Bearish targets: $3,231 and $3,198.
Invalidated if price reclaims $3,310 and breaks above the channel.
🔔 Stay cautious around news events and manage risk accordingly.
Let me know your thoughts — do you see the same bearish pressure?
🔍 Technical Highlights:
Price has consistently rejected the upper boundary of the channel.
Currently trading near $3,295, facing resistance at $3,310–$3,340 zone.
Key Fibonacci level (0.618) at $3,261.91 is under pressure.
A clean break below this level could trigger a drop toward $3,231, with an extended target near $3,198.
Volume profile shows a lack of strong demand in this region, supporting the bearish case.
📅 Multiple key U.S. economic events approaching (as seen by the icons on the chart), which may act as catalysts for volatility and potential confirmation of this setup.
📉 Trade Idea:
Watching for a break and retest of $3,261 support to enter short.
Bearish targets: $3,231 and $3,198.
Invalidated if price reclaims $3,310 and breaks above the channel.
🔔 Stay cautious around news events and manage risk accordingly.
Let me know your thoughts — do you see the same bearish pressure?
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.