Gold price languishes near a two-week low below $2,900 as traders await the release of the US PCE Price Index for cues about the Fed's rate-cut path. The crucial inflation data will influence the USD and provide a fresh directional impetus to the non-yielding yellow metal.
Note
Gold (XAU/USD) 1H Analysis – Bearish OutlookYour updated chart confirms a strong bearish trend with a projected descending price channel. Here’s a breakdown of the analysis:
Key Observations:
Trend Direction: Bearish
A clear downtrend is forming, marked by the yellow downward trendline.
Lower highs and lower lows indicate continued selling pressure.
The price recently rejected the resistance zone near 2,945 - 2,960, confirming bearish control.
Support & Resistance:
Resistance:
2,945 - 2,960 (Purple zone) – Price previously failed to break above this level.
Support Levels:
2,836 (Red Line) – A key level; a break below confirms further downside.
2,600 - 2,560 (Yellow Zone) – Major demand zone from past price action.
Projected Path:
The white zigzag line suggests a series of pullbacks before reaching 2,600 - 2,560.
Price may retest 2,836, then drop further as the downtrend develops.
MACD Indicator (Bottom Panel):
Shows bearish momentum, with no signs of reversal yet.
Trade Recommendation:
✅ Sell Setup (Preferred Trade)
Entry: Around 2,900 - 2,920 (if price pulls back for a better entry).
Stop-Loss: Above 2,960 (to protect against a reversal).
Take-Profit Targets:
First Target: 2,836
Second Target: 2,800 - 2,760
Final Target: 2,600 - 2,560
🚫 Buy Setup (Not Recommended for Now)
Only consider a buy if price breaks and holds above 2,960 with strong volume.
Conclusion:
Bearish outlook remains dominant unless price breaks above 2,960.
Best strategy: Sell on pullbacks with a stop above resistance.
Next major support: 2,600 - 2,560, which could be a reversal zone.
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.
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.