GOLD | Bearish Reversal Pattern – More Downside Ahead?### **Analysis & Description:**
This is a **1-hour chart of XAU/USD (Gold vs. U.S. Dollar)** from TradingView, highlighting a **bearish trend reversal pattern**. The price action forms a series of **lower highs and lower lows**, indicating a clear **downtrend formation**.
#### **Key Observations:**
1. **Lower Highs & Lower Lows:**
- The chart outlines a classic **bearish market structure** with multiple rejection points.
- Each bullish rally is met with strong selling pressure, leading to a downward continuation.
2. **Momentum Weakness (MACD Indicator):**
- The MACD at the bottom indicates **bearish momentum**, with both the MACD line and Signal line in negative territory.
- This suggests that selling pressure dominates and further downside movement is likely.
3. **Price Projection:**
- The final arrow suggests **further downside movement**, possibly breaking below key support zones.
- If price breaks below the **$2,807 support**, it could accelerate selling toward **$2,780 – $2,750 zones**.
4. **Possible Trading Strategy:**
- **Bearish Confirmation:** Traders should watch for a breakdown below **$2,807** for a short-selling opportunity.
- **Bullish Reversal?:** If price forms a strong support at **$2,807**, we may see a bounce before further downside.
### **Conclusion:**
Gold is currently in a **short-term downtrend**, and traders should be cautious of potential bearish continuation. However, **fundamental news events** could also impact price action, so it's essential to monitor economic data and market sentiment.
#### **Key Levels to Watch:**
- **Support:** $2,807 – $2,780
- **Resistance:** $2,846 – $2,880
📉 **What do you think? Will gold continue to drop, or will we see a reversal soon? Drop your thoughts below!** 🚀
