This chart of XAU/USD (Gold Spot) on the 4-hour timeframe shows a clear descending channel, indicating a bearish trend. Price is currently near the upper boundary of the channel, around a previous support-turned-resistance zone. The chart suggests waiting for bearish confirmation before entering a short position.
Key observations:
Price has failed to break above resistance and is showing signs of rejection.
A bearish confirmation (e.g., strong bearish candle or lower high) could signal continuation toward the lower boundary of the channel.
The target is around 3151, aligning with the channel's support and a previous demand level.
In summary: the bias is bearish, and traders are advised to wait for confirmation before shorting, with a target near 3151.
TP1: 3,200 – Near recent minor support, useful for partial profit-taking.
TP2: 3,151 – Main target shown on the chart, aligned with the lower boundary of the descending channel and a strong previous support zone.
You could also trail your stop after TP1 to lock in profits if price continues to move lower.
Key observations:
Price has failed to break above resistance and is showing signs of rejection.
A bearish confirmation (e.g., strong bearish candle or lower high) could signal continuation toward the lower boundary of the channel.
The target is around 3151, aligning with the channel's support and a previous demand level.
In summary: the bias is bearish, and traders are advised to wait for confirmation before shorting, with a target near 3151.
TP1: 3,200 – Near recent minor support, useful for partial profit-taking.
TP2: 3,151 – Main target shown on the chart, aligned with the lower boundary of the descending channel and a strong previous support zone.
You could also trail your stop after TP1 to lock in profits if price continues to move lower.
Trade active
congratulation our 1st tp hit market reached 3173Trade closed: target reached
congratulation all target achieved 
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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.