On the **4H chart**, XAUUSD is currently trading within a well-defined **descending channel**, making lower highs and lower lows. The recent price action shows a short-term pullback from the channel's lower boundary, but momentum remains bearish.
### **Key Technical Highlights:**
1. **Downtrend Structure:** Price has consistently respected the descending channel, indicating strong bearish sentiment.
2. **Resistance Zone:** The upper boundary of the channel, around **\$3,320-\$3,330**, remains a key resistance level. A failure to break above this zone could trigger further downside.
3. **Support Zone:** The price is heading towards the **\$3,268-\$3,260** demand zone (marked as "Low"), which coincides with the channel's lower boundary. This area will be crucial for potential bullish reactions.
4. **Highs and Lows:** The last major high is at **\$3,439**, confirming a clear lower-high structure.
### **Outlook:**
* As long as price remains within the channel, the bias stays **bearish**. A clean break below **\$3,260** could open the way towards **\$3,240-\$3,220** next.
* Conversely, a strong bullish reversal from the support zone could retest the channel's upper boundary again, but the downtrend remains valid until a breakout above **\$3,330-\$3,340** occurs.
### **Trading Plan:**
* **Bearish Scenario:** Wait for rejection near **\$3,320-\$3,330** for potential short setups, targeting **\$3,268** and lower.
* **Bullish Scenario:** Only consider buys if there is a strong bullish reversal at the **\$3,260** support zone, aiming for the channel top.
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USER𝐍AME. @XKing05
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t.me/+wX1pwTyx-0VmODI0
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t.me/+wX1pwTyx-0VmODI0
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Disclaimer
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