CFDs on Gold (US$ / OZ)
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Updated

Gold Bearish Reversal – Targeting 3293 After Channel Breakdown

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📉 Gold (XAU/USD) 30-Min Chart Analysis:

🔹 Pattern Overview:

Triple Top Formation spotted (circled areas), indicating strong resistance around the 3,365–3,375 zone.

A descending channel formed after the top, showing consistent lower highs and lower lows — clear bearish momentum.

Fib retracement level (0.618) acted as a resistance during the bounce.


🔹 Current Price Action:

Price broke down from the recent bullish correction inside the channel.

Bearish impulse wave is forming again after lower high around 3,355.

Price is currently dropping from ~3,360 to 3,313, heading toward key support.


🔹 Target & Support:

Marked downside target: 3,293 — aligned with prior support zone and measured move from the last swing high/low.

This is a critical demand area; potential short-term bounce could occur there.


🔹 Conclusion:

Bias: Bearish below 3,335.

Immediate Target: 3,293

Invalidation: Break above 3,355 could delay or reverse bearish move.
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