Gold (XAU/USD) is currently trading around the 3318.760 level on the 2-hour chart. The recent market structure shows clear weakness with the formation of lower highs and lower lows.
If the price breaks below the key support levels at 3317.505 and 3231.027, further downside towards 3146.825, 3081.588, and eventually 3026.212 could be expected. This bearish scenario is supported by technical patterns and the ongoing downward momentum.
The red lines and arrows on the chart indicate the possible bearish path, especially with upcoming major U.S. economic news releases, which could bring increased volatility.
Key Support Levels:
3317.505
3231.027
3146.825
3081.588
3026.212
Key Resistance Level:
3445.704
Idea:
As long as the price remains below 3445.704, the bearish bias will stay intact. If the price action moves as expected, sell setups could be prioritized upon confirmation.
If the price breaks below the key support levels at 3317.505 and 3231.027, further downside towards 3146.825, 3081.588, and eventually 3026.212 could be expected. This bearish scenario is supported by technical patterns and the ongoing downward momentum.
The red lines and arrows on the chart indicate the possible bearish path, especially with upcoming major U.S. economic news releases, which could bring increased volatility.
Key Support Levels:
3317.505
3231.027
3146.825
3081.588
3026.212
Key Resistance Level:
3445.704
Idea:
As long as the price remains below 3445.704, the bearish bias will stay intact. If the price action moves as expected, sell setups could be prioritized upon confirmation.
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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.
Stay informed — join our official Telegram channel for news and updates. t.me/Liam_JonesCryptoFXTrader
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.