XAUUSD - 1H Sell Possibiliity
The current XAUUSD chart shows that gold is approaching the final stages of its trading range cycle, indicating a potential bearish breakout. The chart reveals a series of lower highs and consistent tests of the support zone, suggesting weakening buying pressure. The resistance zone, highlighted in red, has successfully rejected price advances multiple times.
We have observed signs of buyer weakness, which further supports the possibility of a downward move. If gold breaks below the support zone, it could lead to a significant decline, potentially reaching the next major support level around $2,305. Traders should monitor price action closely for confirmation of this bearish scenario.
We have observed signs of buyer weakness, which further supports the possibility of a downward move. If gold breaks below the support zone, it could lead to a significant decline, potentially reaching the next major support level around $2,305. Traders should monitor price action closely for confirmation of this bearish scenario.
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