Technical Analysis – Gold (XAU/USD) – 4H Chart
Gold is currently testing a key resistance area (highlighted in red) around $2,880 - $2,898, which previously acted as support. A rejection from this zone could signal further downside towards the target area near $2,801.
If price fails to break above resistance, a continuation of the bearish trend is likely. However, a strong breakout above $2,898 could invalidate the short setup and signal a potential reversal.
Traders should watch price action around the resistance zone for confirmation before taking positions.
If you enjoy, press the like button.
Gold is currently testing a key resistance area (highlighted in red) around $2,880 - $2,898, which previously acted as support. A rejection from this zone could signal further downside towards the target area near $2,801.
If price fails to break above resistance, a continuation of the bearish trend is likely. However, a strong breakout above $2,898 could invalidate the short setup and signal a potential reversal.
Traders should watch price action around the resistance zone for confirmation before taking positions.
If you enjoy, press the like button.
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💸FREE FOREX Signals in Telegram : t.me/SOAMPROTRADER
🔹Join Our Telegram Channel, Pure Price Action Based Signals With Chart Analysis.
t.me/SOAMPROTRADER
🚀FREE CRYPTO Signals In Telegram: t.me/SOAMPROTRADER
🔹Join Our Telegram Channel, Pure Price Action Based Signals With Chart Analysis.
t.me/SOAMPROTRADER
🚀FREE CRYPTO Signals In Telegram: t.me/SOAMPROTRADER
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.