Gold Spot (XAU/USD) Analysis – Key Levels in Play
Updated
XAUUSD 4H Chart
Current Price: 2494.700
As of the latest price action,
XAUUSD is currently trading at 2,494, testing a critical resistance zone marked by the neckline at 2,500. The formation of a Rounded Top indicates a potential bearish reversal pattern, with sellers gaining control as the price fails to break above the neckline.Key Levels:
• Resistance: 2,500 (Neckline)
• Support Levels:
• S1: 2,480
• S2: 2,460
• S3: 2,441
Bearish Outlook:
The price is hovering near S1 at 2,480, and a decisive break below this level could confirm further downside momentum. The next targets in a bearish scenario are S2 at 2,460 and S3 at 2,441, aligning with the bearish sentiment signaled by the MACD and sloping EMAs.
Bullish Reversal Potential:
Should the price hold above S1 at 2,480 and break back above the 2,500 neckline, we could see an attempt to retest the R2 level at 2,519. However, this scenario requires strong bullish pressure, which is currently lacking.
Conclusion:
At present, the bias remains bearish unless the bulls can reclaim the 2,500 neckline. Traders should watch for a decisive move below 2,480 for confirmation of further downside.
Trade active
The price has now reached 2,516.15, breaking above the critical 2,500 neckline and moving towards the R2 level at 2,519, as anticipated in our analysis.Trade closed: target reached
Gold reached and broke through 2519 Target.
This analysis not valid anymore. Next analysis will be uploaded soon.
Happy Trading
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