This 4-hour chart of Gold Spot / USD (XAU/USD) presents a bearish outlook based on the following technical analysis:
Key Highlights:
EMA Indicators:
EMA(9) is shown in blue and EMA(21) in orange.
Price is trading below both EMAs, suggesting bearish momentum.
Trendline & Price Action:
A descending trendline is respected with multiple rejections.
Price failed to break above this trendline, signaling continued downward pressure.
Fibonacci Retracements:
Key fib levels from the previous swing high to low:
0.382 at ~$3,271.91
0.5 at ~$3,260.83
0.618 at ~$3,250.13
Price is hovering between 0.5 and 0.618 retracement levels, which often act as reversal zones.
Support & Resistance Zones:
Daily Resistance: Around $3,290.20
Daily Support: Around $3,222.94
Multiple lower demand zones are marked:
$3,201.96 (minor)
$3,124.01 (1.618 fib extension)
$2,997.87 (2.618 fib extension)
$2,969.96 (major daily demand)
Projected Move:
The blue arrows suggest a break below $3,201.96 could lead to a drop toward:
$3,124.01 (1.618 extension), then
A potential pullback before resuming bearish trend
Ultimately targeting ~$2,997.87 and $2,969.96 (major demand)
Summary:
The chart suggests a short bias unless price breaks convincingly above $3,271–$3,290. The next bearish targets are $3,124 and $2,997, supported by the trendline, EMA resistance, and fib extensions.
Key Highlights:
EMA Indicators:
EMA(9) is shown in blue and EMA(21) in orange.
Price is trading below both EMAs, suggesting bearish momentum.
Trendline & Price Action:
A descending trendline is respected with multiple rejections.
Price failed to break above this trendline, signaling continued downward pressure.
Fibonacci Retracements:
Key fib levels from the previous swing high to low:
0.382 at ~$3,271.91
0.5 at ~$3,260.83
0.618 at ~$3,250.13
Price is hovering between 0.5 and 0.618 retracement levels, which often act as reversal zones.
Support & Resistance Zones:
Daily Resistance: Around $3,290.20
Daily Support: Around $3,222.94
Multiple lower demand zones are marked:
$3,201.96 (minor)
$3,124.01 (1.618 fib extension)
$2,997.87 (2.618 fib extension)
$2,969.96 (major daily demand)
Projected Move:
The blue arrows suggest a break below $3,201.96 could lead to a drop toward:
$3,124.01 (1.618 extension), then
A potential pullback before resuming bearish trend
Ultimately targeting ~$2,997.87 and $2,969.96 (major demand)
Summary:
The chart suggests a short bias unless price breaks convincingly above $3,271–$3,290. The next bearish targets are $3,124 and $2,997, supported by the trendline, EMA resistance, and fib extensions.
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.