Gold 1hour chart technical analysis next move possible.This chart represents a bearish setup for gold (XAU/USD) on the 1-hour timeframe. Here’s what it indicates:
Analysis & Trade Setup:
1. Resistance Zone (Red Box)
The red-shaded area highlights a resistance zone where price has struggled to break higher.
Price is testing this area again, suggesting potential rejection.
2. Trendline & Structure Breakdown
A strong ascending trendline (black) has been supporting the uptrend.
If price fails to hold above this area, a breakdown may occur.
3. Bearish Expectation (Black Arrow)
The zigzag movement inside the resistance zone suggests a liquidity grab before a potential drop.
Price is expected to reject the resistance and move toward support at $2,918.34 (blue line).
Key Levels:
Resistance (Sell Zone): Around $2,940–$2,945
Support (Target Zone): Around $2,918.34
Bearish Confirmation: If price starts dropping below the red zone, it may accelerate downward.
Conclusion:
This is a short (sell) setup where price is expected to reject resistance and drop to support. If resistance holds, a downtrend is likely toward the blue support line.
Would you like to add a caption to post this analysis? I can help craft an engaging one!
