Technical analysis for Gold Spot (XAU/USD) on the 2-hour timeframe, using price action, trendlines, EMA indicators, and RSI. Here's a breakdown of the idea:
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Technical Overview
1. Rising Channel Breakdown in Progress
Price had been respecting a clear ascending channel.
Multiple rejections (red arrows) from the upper boundary signal weakening bullish momentum.
Now showing signs of breaking down from that rising channel.
2. Key Resistance Level
Price is currently struggling below the resistance zone (~3,390–3,400), previously a strong rejection area.
Sellers appear to be stepping in here again.
3. Bearish Structure & Target
Lower highs and lower lows suggest bearish continuation.
The projected path (dashed blue line) anticipates further decline toward the target zone around 3,335, marked as the next key demand area.
4. EMA Confluence
Price is now below the 50 EMA (3,389) and near the 200 EMA (3,355).
A break below the 200 EMA would confirm a shift to bearish momentum.
5. RSI Indicator
RSI is hovering around 45, showing mild bearish pressure and no oversold conditions yet—room for further downside.
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Conclusion / Idea Summary
Bias: Bearish
Entry Zone: Near current price (below resistance ~3,390)
Targets:
First: 3,355 (200 EMA zone)
Final: 3,335 (marked “Target point”)
Invalidation: Break and close above the resistance zone (~3,400)
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Technical Overview
1. Rising Channel Breakdown in Progress
Price had been respecting a clear ascending channel.
Multiple rejections (red arrows) from the upper boundary signal weakening bullish momentum.
Now showing signs of breaking down from that rising channel.
2. Key Resistance Level
Price is currently struggling below the resistance zone (~3,390–3,400), previously a strong rejection area.
Sellers appear to be stepping in here again.
3. Bearish Structure & Target
Lower highs and lower lows suggest bearish continuation.
The projected path (dashed blue line) anticipates further decline toward the target zone around 3,335, marked as the next key demand area.
4. EMA Confluence
Price is now below the 50 EMA (3,389) and near the 200 EMA (3,355).
A break below the 200 EMA would confirm a shift to bearish momentum.
5. RSI Indicator
RSI is hovering around 45, showing mild bearish pressure and no oversold conditions yet—room for further downside.
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Conclusion / Idea Summary
Bias: Bearish
Entry Zone: Near current price (below resistance ~3,390)
Targets:
First: 3,355 (200 EMA zone)
Final: 3,335 (marked “Target point”)
Invalidation: Break and close above the resistance zone (~3,400)
Feedback My idea like and comment's 🙏
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Join My Official Channel Link
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Related publications
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.