GOLD (XAU/USD) – Breakdown from Flat Range?
Hello traders
💰 Gold Spot (XAU/USD) - 2H Chart Analysis
🔍 Market Insights:
🔹 Uptrend Channel Breakout: Gold was trending in a bullish channel but broke out and transitioned into a flat consolidation.
🔹 Flat Price Action: After multiple rejections at the top, price has failed to continue the bullish momentum.
🔹 Potential Breakdown: The price is now showing bearish momentum and could test the $2,880 support level.
📉 Key Levels to Watch:
✅ Resistance: $2,950 - $2,960 (Flat Range Top)
✅ Support: $2,880 (Key Support) & $2,760 (Major Support)
📊 Possible Scenarios:
📌 Bearish Continuation: If the price fails to reclaim $2,925, we may see a drop to $2,880, and potentially $2,760 if bearish pressure continues.
📌 Reversal Opportunity: A bounce from $2,880 could lead to a retest of the upper range near $2,950.
💬 Will gold break down further or find support for another push higher? Let me know in the comments! 🔥👇
#gold #xauusd #forex #trading #priceaction #technicalanalysis
💰 Gold Spot (XAU/USD) - 2H Chart Analysis
🔍 Market Insights:
🔹 Uptrend Channel Breakout: Gold was trending in a bullish channel but broke out and transitioned into a flat consolidation.
🔹 Flat Price Action: After multiple rejections at the top, price has failed to continue the bullish momentum.
🔹 Potential Breakdown: The price is now showing bearish momentum and could test the $2,880 support level.
📉 Key Levels to Watch:
✅ Resistance: $2,950 - $2,960 (Flat Range Top)
✅ Support: $2,880 (Key Support) & $2,760 (Major Support)
📊 Possible Scenarios:
📌 Bearish Continuation: If the price fails to reclaim $2,925, we may see a drop to $2,880, and potentially $2,760 if bearish pressure continues.
📌 Reversal Opportunity: A bounce from $2,880 could lead to a retest of the upper range near $2,950.
💬 Will gold break down further or find support for another push higher? Let me know in the comments! 🔥👇
#gold #xauusd #forex #trading #priceaction #technicalanalysis
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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.