Gold Price Technical Analysis (XAU/USD)

The attached chart presents a detailed technical analysis of gold prices on the hourly timeframe. The key highlights are as follows:

1. Supply Zone Resistance:
Price is currently trading near a supply zone around $2,632.592, where a potential rejection is anticipated. This zone acts as a significant resistance level.


2. Projected Price Movement:
Based on the technical setup, a downward price movement is expected after testing the supply zone. The price may decline towards the demand/support zone near $2,590.899 or potentially lower.


3. Key Levels to Watch:

Resistance: $2,632.592 and $2,649.935

Support: $2,604.914 and $2,590.899




This analysis is based on current market behavior, and traders should remain cautious of unexpected price fluctuations. Always apply risk management strategies while trading.