Gold (XAU/USD) continues to respect a clear bearish structure on the 1H chart. After failing to hold above resistance near $3,280, the price has formed a series of lower highs and lower lows, confirming ongoing selling pressure.
Key Technical Insights:
Price previously broke below a consolidation zone and is now retesting the broken support as new resistance.
Multiple resistance rejections can be seen on the chart, reinforcing the strength of sellers.
The downtrend line remains intact, and the price is now forming a potential bear flag or continuation pattern.
If the bearish structure continues, we expect a move toward the next key support at $3,200.
Trade Idea (For Educational Purposes Only):
Bias: Bearish
Current Resistance Zone: $3,270–$3,280
Target Zone: $3,200
Invalidation: A breakout and close above the trendline and resistance zone could signal a reversal or deeper pullback.
Conclusion:
The market remains under bearish pressure. Confirmation of resistance holding may offer short opportunities toward the $3,200 support zone. As always, proper risk management is essential.
Key Technical Insights:
Price previously broke below a consolidation zone and is now retesting the broken support as new resistance.
Multiple resistance rejections can be seen on the chart, reinforcing the strength of sellers.
The downtrend line remains intact, and the price is now forming a potential bear flag or continuation pattern.
If the bearish structure continues, we expect a move toward the next key support at $3,200.
Trade Idea (For Educational Purposes Only):
Bias: Bearish
Current Resistance Zone: $3,270–$3,280
Target Zone: $3,200
Invalidation: A breakout and close above the trendline and resistance zone could signal a reversal or deeper pullback.
Conclusion:
The market remains under bearish pressure. Confirmation of resistance holding may offer short opportunities toward the $3,200 support zone. As always, proper risk management is essential.
Trade closed: target reached
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Related publications
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.