Gold (XAU/USD) - Potential Bearish Continuation
hello guys.
let's analyze gold!
Price Action:
The chart shows gold is currently trading within a descending wedge.
The price has been rejected from the upper boundary of the wedge, indicating a potential reversal.
There’s a clear lower high formation, which suggests a shift towards a bearish trend.
Key Levels:
A significant support zone exists around 2,585 USD to 2,590 USD, marked by the purple highlighted area.
The price is likely heading toward this support if the bearish momentum continues.
The current resistance lies near 2,667 USD, which acts as the upper boundary of the wedge.
Bearish Scenario:
The chart indicates a potential downward move if the price breaks below 2,627 USD.
The next target for the bearish movement is the 2,590 USD area. If this level fails to hold, a deeper correction could follow.
let's analyze gold!
Price Action:
The chart shows gold is currently trading within a descending wedge.
The price has been rejected from the upper boundary of the wedge, indicating a potential reversal.
There’s a clear lower high formation, which suggests a shift towards a bearish trend.
Key Levels:
A significant support zone exists around 2,585 USD to 2,590 USD, marked by the purple highlighted area.
The price is likely heading toward this support if the bearish momentum continues.
The current resistance lies near 2,667 USD, which acts as the upper boundary of the wedge.
Bearish Scenario:
The chart indicates a potential downward move if the price breaks below 2,627 USD.
The next target for the bearish movement is the 2,590 USD area. If this level fails to hold, a deeper correction could follow.
Note
a scalp position:
Note
it touched just the 2639 area and then broke both trendlines!
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