XAU/USD) Bearish trand analysis Read The ChaptianSMC Trading point update
This chart analysis is for Gold Spot (XAU/USD) on the 1-hour timeframe. Here’s a breakdown of the idea shown:
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Key Points in the Analysis:
1. Current Price:
XAU/USD is around $2,982.92 at the time of the chart.
2. Trend:
The chart suggests a bearish outlook.
Price has been consistently rejected from the yellow supply zone (around 3,020–3,033).
EMA 200 (blue line) is above the current price, confirming downward momentum.
3. Rejection Zone:
Marked in yellow between 3,020 and 3,033. Labeled as “Reject points”.
Price failed to break above this zone multiple times.
4. Breakout Pattern:
Two descending rectangles highlight bearish continuation patterns.
A bearish flag or wedge is visible, followed by a breakout downward.
5. Target Zone:
Highlighted in yellow between 2,900 and 2,921, with target point at 2,920.615.
Price is expected to move down to this level.
6. RSI (Relative Strength Index):
RSI is declining and shows bearish divergence, supporting downside move.
Currently around 39.19, which is closer to oversold territory but still has room to drop.
Mr SMC Trading point
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Trade Idea Summary:
Bias: Bearish
Entry Area: Rejection near 3,020–3,033 zone
Target: 2,920.615 (highlighted support zone)
Stop Loss: Could be placed above 3,033 (supply zone or EMA 200)
Confluence Factors:
EMA 200 rejection
Bearish RSI divergence
Repeated supply rejection
Breakout from bear flag structures
Pales support boost 🚀 analysis follow)
