Gold (XAUUSD) continues to trade within a clear descending channel on the 1-hour chart, and bearish pressure is building once again.
The EMA 34 has turned downward, acting as dynamic resistance and signaling a shift in short-term trend direction. Each time price approaches the upper boundary of the channel or the EMA zone, strong selling pressure re-emerges — keeping the dominant downtrend intact.
Currently, price is hovering around $3,010, struggling to break through the key resistance zone at $3,018–3,021. This area also aligns with a supply zone and the upper trendline, making it a high-risk rejection zone.
If price fails to break above and forms a lower high, the next decline could push gold toward the support area around $3,006, with a potential move down to the channel target near $2,980.
As long as the channel holds and the EMA 34 continues pointing downward, selling pressure remains in control. Buyers are advised to wait for a confirmed breakout above the trendline before considering long positions.
The EMA 34 has turned downward, acting as dynamic resistance and signaling a shift in short-term trend direction. Each time price approaches the upper boundary of the channel or the EMA zone, strong selling pressure re-emerges — keeping the dominant downtrend intact.
Currently, price is hovering around $3,010, struggling to break through the key resistance zone at $3,018–3,021. This area also aligns with a supply zone and the upper trendline, making it a high-risk rejection zone.
If price fails to break above and forms a lower high, the next decline could push gold toward the support area around $3,006, with a potential move down to the channel target near $2,980.
As long as the channel holds and the EMA 34 continues pointing downward, selling pressure remains in control. Buyers are advised to wait for a confirmed breakout above the trendline before considering long positions.
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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.