"Gold (XAU/USD) Breaks Key Support – short term targets
The 1-hour chart for XAU/USD shows a potential bearish setup with a recent breakout below a key support level. The price is currently hovering around 2,857, with a strong downward move anticipated if the breakdown sustains. The marked "Breakout Below" indicates a possible continuation toward the first target around 2,850, and if further selling pressure persists, the second target near 2,835 may be reached.
The previous bullish structure saw multiple breakouts and changes in character (ChoCh), but the current price action suggests a shift in momentum. If price fails to reclaim previous levels, a deeper correction could be in play.
The previous bullish structure saw multiple breakouts and changes in character (ChoCh), but the current price action suggests a shift in momentum. If price fails to reclaim previous levels, a deeper correction could be in play.
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congratulation 1st target achieved Trade closed: target reached
Congratulations Almost 2nd Target Achieved🥰
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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.