Gold (XAU/USD) 1H Analysis: Bearish Breakdown Towards Key Suppor
This chart represents the price action of XAU/USD (Gold Spot vs. U.S. Dollar) on a 1-hour timeframe.
Key Observations:
Resistance and Double Top Formation:
The chart shows two red circles marking local highs, which suggest a possible double-top formation—a bearish reversal pattern.
This indicates that price attempted to break higher but failed twice, leading to a rejection.
Support Turned Resistance (Yellow Zone):
A yellow highlighted zone marks an area of previous support that has now turned into resistance after a breakdown.
Price action suggests that it attempted to retest this zone before dropping further.
Bearish Breakdown:
The price has fallen below the previous support zone and is now trading lower.
A red arrow projection suggests that the next potential move is downward.
Target Zone (Blue Line at 2,863.657):
The next major support level is indicated by the blue horizontal line at 2,863.657.
This suggests that price might continue to drop toward this level.
Conclusion:
The overall trend in this timeframe appears bearish.
A rejection from resistance and break below support signal a potential continuation downward.
If the price remains below the yellow zone, the next possible downside target is around 2,863.657.
Key Observations:
Resistance and Double Top Formation:
The chart shows two red circles marking local highs, which suggest a possible double-top formation—a bearish reversal pattern.
This indicates that price attempted to break higher but failed twice, leading to a rejection.
Support Turned Resistance (Yellow Zone):
A yellow highlighted zone marks an area of previous support that has now turned into resistance after a breakdown.
Price action suggests that it attempted to retest this zone before dropping further.
Bearish Breakdown:
The price has fallen below the previous support zone and is now trading lower.
A red arrow projection suggests that the next potential move is downward.
Target Zone (Blue Line at 2,863.657):
The next major support level is indicated by the blue horizontal line at 2,863.657.
This suggests that price might continue to drop toward this level.
Conclusion:
The overall trend in this timeframe appears bearish.
A rejection from resistance and break below support signal a potential continuation downward.
If the price remains below the yellow zone, the next possible downside target is around 2,863.657.
Trade closed: target reached
🎉🎯 Target Hit! Another Successful Analysis! 🎯🎉
Big shoutout to my amazing followers! 🚀 Our recent XAUUSD (Gold) analysis played out exactly as expected, respecting the key resistance zone and delivering a beautiful reaction. 📉🔥
This is why we trust our technicals and stay patient! 💡💰 If you caught this move, drop a 🔥 in the comments! More setups coming soon—let’s keep winning together!
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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.
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.