Gold Spot (XAU/USD) – Possible Deeper Correction Incoming
Hi traders
Here's a quick breakdown of the current 1H chart structure on Gold
Main Observations
We have a clear Head and Shoulders pattern formed signaling potential trend exhaustion
A trendline that acted as support throughout the move up has now been broken (BO)
After the break Gold attempted a fake breakout above the neckline but failed to sustain strengthening the bearish case
Price is currently moving lower and showing signs of further weakness
Important Levels
Immediate supports: 3283 3265 and 3245
target support zone 3193
Expectations
As long as price stays below the broken trendline and the 3316 resistance we could see continued downside
A clean break and retest of 3265 may accelerate the move toward the 3193 major support area
Summary
The market structure has shifted As long as sellers remain in control Gold could head lower Watching price behavior closely around key support levels for confirmation
Hi traders
Here's a quick breakdown of the current 1H chart structure on Gold
Main Observations
We have a clear Head and Shoulders pattern formed signaling potential trend exhaustion
A trendline that acted as support throughout the move up has now been broken (BO)
After the break Gold attempted a fake breakout above the neckline but failed to sustain strengthening the bearish case
Price is currently moving lower and showing signs of further weakness
Important Levels
Immediate supports: 3283 3265 and 3245
target support zone 3193
Expectations
As long as price stays below the broken trendline and the 3316 resistance we could see continued downside
A clean break and retest of 3265 may accelerate the move toward the 3193 major support area
Summary
The market structure has shifted As long as sellers remain in control Gold could head lower Watching price behavior closely around key support levels for confirmation
Trade active
Trade closed: stop reached
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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.
Related publications
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.