#XAUUSD 1H
Market Structure:
• The price is in a clear downtrend, with lower highs and lower lows.
• A descending trendline is present, acting as dynamic resistance.
• The recent price action shows a slight pullback from the low, heading towards a potential resistance zone.
Key Levels:
1. Support Levels:
• 2,834.270: Marked as a significant support level where price previously found demand.
• Current price (2,858.140) is approaching a lower timeframe resistance zone.
2. Resistance Levels:
• 2,888.180: A key resistance level where price may reject if it reaches this area.
• 2,916.820: A stronger resistance zone, marking a previous supply area.
Supply Zones (Shaded in Blue):
• The first zone around 2,868 - 2,875 is an immediate resistance area where sellers may step in.
• A larger supply zone exists around 2,888 - 2,900, aligning with horizontal resistance.
Possible Scenarios:
1. Bearish Continuation (More Likely):
• If price reaches the lower blue supply zone (2,868 area) and rejects it, the downtrend is likely to continue towards the 2,834 support.
• A break below 2,834 would indicate further downside potential.
2. Bullish Reversal (Less Likely but Possible):
• If price breaks above the trendline and holds above 2,888, we could see a shift in structure, targeting 2,916 next.
Conclusion:
• Bias: Bearish until key resistance (2,888) is broken.
• Strategy: Watch for a bearish reaction at the supply zones for short opportunities, or a strong breakout above 2,888 for a bullish shift.
Market Structure:
• The price is in a clear downtrend, with lower highs and lower lows.
• A descending trendline is present, acting as dynamic resistance.
• The recent price action shows a slight pullback from the low, heading towards a potential resistance zone.
Key Levels:
1. Support Levels:
• 2,834.270: Marked as a significant support level where price previously found demand.
• Current price (2,858.140) is approaching a lower timeframe resistance zone.
2. Resistance Levels:
• 2,888.180: A key resistance level where price may reject if it reaches this area.
• 2,916.820: A stronger resistance zone, marking a previous supply area.
Supply Zones (Shaded in Blue):
• The first zone around 2,868 - 2,875 is an immediate resistance area where sellers may step in.
• A larger supply zone exists around 2,888 - 2,900, aligning with horizontal resistance.
Possible Scenarios:
1. Bearish Continuation (More Likely):
• If price reaches the lower blue supply zone (2,868 area) and rejects it, the downtrend is likely to continue towards the 2,834 support.
• A break below 2,834 would indicate further downside potential.
2. Bullish Reversal (Less Likely but Possible):
• If price breaks above the trendline and holds above 2,888, we could see a shift in structure, targeting 2,916 next.
Conclusion:
• Bias: Bearish until key resistance (2,888) is broken.
• Strategy: Watch for a bearish reaction at the supply zones for short opportunities, or a strong breakout above 2,888 for a bullish shift.
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.