📊 Gold (XAUUSD) – 1H Chart Analysis
Structure Overview:
Price recently broke down from a descending wedge/consolidation pattern after forming lower highs and lower lows — a classic sign of bearish pressure building up.
🔻 Bearish Breakout in Play:
The sharp move down through the wedge's lower boundary suggests strong momentum to the downside. This aligns with the previous rejection from the top of the falling channel.
🔮 Potential Scenarios:
1. Bearish Continuation (Primary Bias):
If price sustains below the wedge support and fails to reclaim the breakout zone, we could see a further decline toward lower support levels (as shown in the downward arrow).
Watch for possible reactions at 3350 → 3345 → 3340 zones.
2. Bullish Fakeout Recovery (Alternative):
If price quickly reclaims the broken trendline and forms a bullish engulfing or breakout structure, it could invalidate the breakdown, signaling a possible reversal and rally back up toward 3380+ (as indicated by the upward projection).
⚠️ Key Levels to Watch:
Support: 3350 / 3345 / 3340
Resistance: 3365 / 3380
Zone of interest: Retest of wedge breakdown area
📌 Insight:
The market has broken below the daily bullish FVG CE level, further supporting the bearish bias — but retests can trap sellers, so remain flexible.
Structure Overview:
Price recently broke down from a descending wedge/consolidation pattern after forming lower highs and lower lows — a classic sign of bearish pressure building up.
🔻 Bearish Breakout in Play:
The sharp move down through the wedge's lower boundary suggests strong momentum to the downside. This aligns with the previous rejection from the top of the falling channel.
🔮 Potential Scenarios:
1. Bearish Continuation (Primary Bias):
If price sustains below the wedge support and fails to reclaim the breakout zone, we could see a further decline toward lower support levels (as shown in the downward arrow).
Watch for possible reactions at 3350 → 3345 → 3340 zones.
2. Bullish Fakeout Recovery (Alternative):
If price quickly reclaims the broken trendline and forms a bullish engulfing or breakout structure, it could invalidate the breakdown, signaling a possible reversal and rally back up toward 3380+ (as indicated by the upward projection).
⚠️ Key Levels to Watch:
Support: 3350 / 3345 / 3340
Resistance: 3365 / 3380
Zone of interest: Retest of wedge breakdown area
📌 Insight:
The market has broken below the daily bullish FVG CE level, further supporting the bearish bias — but retests can trap sellers, so remain flexible.
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.