Gold (XAU/USD) Near Key Resistance – Watching for Bearish Revers
This chart shows XAU/USD (Gold) on the 1-hour timeframe, highlighting a potential sell opportunity around the weak high zone near $2,810-$2,820.
Key Observations:
1. Bearish Confirmation Needed:
- The price is approaching a resistance zone within an ascending channel.
- A rejection or bearish confirmation (e.g., candle reversal, strong wick, or BOS downward) is needed before entering a short position.
2. Structure & Key Levels:
- Break of Structure (BOS) signals previous bullish momentum.
- Change of Character (ChOCH)** suggests a possible shift in trend.
- The weak high at the upper channel trendline indicates a potential reversal.
3. Potential Downside Targets:
- $2,797 – First key level of support.
- $2,770-$2,750 – Stronger demand zones.
- $2,741-$2,720 – Final deeper support area.
Trading Plan:
- Wait for bearish confirmation** before entering a sell.
- A breakdown of intraday support near **$2,797** would strengthen the bearish case.
- If price breaks above $2,820-$2,828, the bearish bias is invalidated.
Key Observations:
1. Bearish Confirmation Needed:
- The price is approaching a resistance zone within an ascending channel.
- A rejection or bearish confirmation (e.g., candle reversal, strong wick, or BOS downward) is needed before entering a short position.
2. Structure & Key Levels:
- Break of Structure (BOS) signals previous bullish momentum.
- Change of Character (ChOCH)** suggests a possible shift in trend.
- The weak high at the upper channel trendline indicates a potential reversal.
3. Potential Downside Targets:
- $2,797 – First key level of support.
- $2,770-$2,750 – Stronger demand zones.
- $2,741-$2,720 – Final deeper support area.
Trading Plan:
- Wait for bearish confirmation** before entering a sell.
- A breakdown of intraday support near **$2,797** would strengthen the bearish case.
- If price breaks above $2,820-$2,828, the bearish bias is invalidated.
If you want to receive more Analysis signals, please join our Telegram channel. t.me/+JLFlD0eg3LFjNjU8
If you want to receive more Analysis signals, please join our Telegram channel. t.me/+JLFlD0eg3LFjNjU8
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.