Chart Analysis: Gold Spot (XAU/USD) - 1H Timeframe
Key Levels Identified:
Supply Zone: Marked in red at the top, indicating a strong resistance area where selling pressure has been high.
Resistance at 2,930.16: The price has tested this level multiple times but failed to break above.
Support at 2,880.10: A key support level where price has previously reversed.
Price Action:
The price recently tested the resistance at 2,930.16 but failed to break above.
A bearish rejection from this level suggests sellers are in control.
There is a short-term downtrend expectation, as indicated by the blue downward arrow.
Trade Setup:
Entry Area: Around 2,908 (current price level).
Target 1 (TP1): 2,896.30 (minor support level).
Target 2 (TP2): 2,880.00 (stronger support level).
Stop Loss (SL): Likely placed above 2,935.27 to manage risk.
Conclusion:
The chart suggests a potential short (sell) trade, targeting lower support zones.
If price breaks below 2,896.30, it could head towards 2,880.10.
A breakout above 2,930.16 would invalidate the bearish setup and indicate bullish momentum.