XAU/USD – False Breakouts & Bearish Setup!
Why Might Gold Continue to Decline Further?
According to our latest two analyses, price fluctuations have verified our first thoughts. During the initial bullish attempt, gold achieved a new all-time high of $2946.80 before retracing back below the structure to $2918.46. The following day, gold rose to $2954.80 before falling below the structure to $2916.60.
For the time being, we have had two distinct fake bullish breakouts.
Given the significant price reactions in that zone, Gold is likely to continue its bearish trend up to $2880.
However, selling gold remains very risky due to the strong bullish trend. The price could potentially make a new all-time high and break $2955 if significant market manipulation occurs again. Based on the current data, it seems that Gold has a higher probability of moving down this time.
💰 Gold (XAU/USD) Analysis – 1H Chart
Gold attempted to break above a key resistance zone ($2,944 - $2,946) but faced two false breakouts, indicating weak bullish momentum. The price has started to reject this level, suggesting a potential downward move. 📉
🔑 Key Observations:
🚨 False Breakouts: Price failed to hold above resistance, showing weakness.
📉 Bearish Patterns: Price is forming lower highs, signaling potential downside.
🎯 Bearish Targets:
First Target: $2,916
Second Target: $2,906
Major Target: $2,889 - $2,882
Final Target: $2,871
📉 Potential Bearish Scenario:
✅ If the price breaks below $2,916, it could accelerate the bearish move.
✅ A break below $2,906 could confirm further downside pressure.
✅ The $2,882 - $2,871 support zone is the key area to watch for a reversal or continuation lower.
⚠️ Alternative Scenario:
📈 If the price reclaims $2,946, we could see another bullish attempt toward $2,954
According to our latest two analyses, price fluctuations have verified our first thoughts. During the initial bullish attempt, gold achieved a new all-time high of $2946.80 before retracing back below the structure to $2918.46. The following day, gold rose to $2954.80 before falling below the structure to $2916.60.
For the time being, we have had two distinct fake bullish breakouts.
Given the significant price reactions in that zone, Gold is likely to continue its bearish trend up to $2880.
However, selling gold remains very risky due to the strong bullish trend. The price could potentially make a new all-time high and break $2955 if significant market manipulation occurs again. Based on the current data, it seems that Gold has a higher probability of moving down this time.
💰 Gold (XAU/USD) Analysis – 1H Chart
Gold attempted to break above a key resistance zone ($2,944 - $2,946) but faced two false breakouts, indicating weak bullish momentum. The price has started to reject this level, suggesting a potential downward move. 📉
🔑 Key Observations:
🚨 False Breakouts: Price failed to hold above resistance, showing weakness.
📉 Bearish Patterns: Price is forming lower highs, signaling potential downside.
🎯 Bearish Targets:
First Target: $2,916
Second Target: $2,906
Major Target: $2,889 - $2,882
Final Target: $2,871
📉 Potential Bearish Scenario:
✅ If the price breaks below $2,916, it could accelerate the bearish move.
✅ A break below $2,906 could confirm further downside pressure.
✅ The $2,882 - $2,871 support zone is the key area to watch for a reversal or continuation lower.
⚠️ Alternative Scenario:
📈 If the price reclaims $2,946, we could see another bullish attempt toward $2,954
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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.