The chart shows XAU/USD (Gold vs. USD) on the 4-hour timeframe, trading within a descending channel pattern. Price recently touched the upper boundary of the channel and formed a bearish candle with high volume, suggesting potential rejection at resistance.
Key points:
Price failed to break above the descending trendline resistance.
The bearish rejection near 3,350, marked by high volume, signals potential downward momentum.
A projected move lower is indicated with a path toward the 3,206–3,225 support zone.
Ichimoku Cloud shows price re-entering a bearish cloud structure, supporting the short bias.
Market structure shows a potential shift back to bearish, especially if price breaks the 3,274 support.
Overall, the chart implies a short-term bearish outlook unless price breaks above the descending channel.
Key points:
Price failed to break above the descending trendline resistance.
The bearish rejection near 3,350, marked by high volume, signals potential downward momentum.
A projected move lower is indicated with a path toward the 3,206–3,225 support zone.
Ichimoku Cloud shows price re-entering a bearish cloud structure, supporting the short bias.
Market structure shows a potential shift back to bearish, especially if price breaks the 3,274 support.
Overall, the chart implies a short-term bearish outlook unless price breaks above the descending channel.
JOIN MY TELEGRAM:
FREE SIGNALS TECHNICAL CHART AND EDUCATOIN
t.me/+j_sv6p9sL5I0MDY0
FREE SIGNALS TECHNICAL CHART AND EDUCATOIN
t.me/+j_sv6p9sL5I0MDY0
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.
JOIN MY TELEGRAM:
FREE SIGNALS TECHNICAL CHART AND EDUCATOIN
t.me/+j_sv6p9sL5I0MDY0
FREE SIGNALS TECHNICAL CHART AND EDUCATOIN
t.me/+j_sv6p9sL5I0MDY0
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.