Levont - XAUUSD Analysis: Bearish Rejection from Key Supply Zone
XAUUSD Analysis (Gold Spot/USD)
📊 Timeframes Analyzed:
- 1H Chart (Left): Price is trading within a descending channel, showing a clear bearish structure. The current movement has reached the upper boundary of the channel, aligning with a significant supply zone (marked in red). Additionally, the 0.382 Fibonacci retracement level reinforces this area as a potential reversal point.
- 15m Chart (Right): A closer look at price action reveals consolidation within the highlighted supply zone, indicating indecision and potential exhaustion of bullish momentum. A breakdown below the zone could trigger a continuation to the downside.
🔑 Key Levels:
- Resistance Zone: 2,627 - 2,628
- Support Levels: 2,615 (0.618 Fibonacci) and 2,610 (0.786 Fibonacci)
📉 Outlook:
The bearish bias remains intact as long as price respects the descending channel and fails to break above the supply zone. A rejection from this area could lead to a move toward lower Fibonacci levels or even test the bottom of the channel.
💡 Note: Monitor price action closely for confirmation before entering trades. A breakout above 2,628 could invalidate the bearish scenario.
📊 Timeframes Analyzed:
- 1H Chart (Left): Price is trading within a descending channel, showing a clear bearish structure. The current movement has reached the upper boundary of the channel, aligning with a significant supply zone (marked in red). Additionally, the 0.382 Fibonacci retracement level reinforces this area as a potential reversal point.
- 15m Chart (Right): A closer look at price action reveals consolidation within the highlighted supply zone, indicating indecision and potential exhaustion of bullish momentum. A breakdown below the zone could trigger a continuation to the downside.
🔑 Key Levels:
- Resistance Zone: 2,627 - 2,628
- Support Levels: 2,615 (0.618 Fibonacci) and 2,610 (0.786 Fibonacci)
📉 Outlook:
The bearish bias remains intact as long as price respects the descending channel and fails to break above the supply zone. A rejection from this area could lead to a move toward lower Fibonacci levels or even test the bottom of the channel.
💡 Note: Monitor price action closely for confirmation before entering trades. A breakout above 2,628 could invalidate the bearish scenario.
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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.