The XAU/USD 4-hour chart indicates a bearish reversal after price was rejected from the upper boundary of a rising wedge formation near the 3417 resistance zone. The breakdown below the ascending trendline and the shift under the Ichimoku cloud point to growing bearish momentum. The highlighted blue zone, once a strong support, is now acting as resistance, confirming a structure shift. Sellers appear to be gaining control, with price forming lower highs. A bearish continuation is expected if price maintains below this resistance. The setup favors short positions, especially with confirmation from the bearish price action and the overall weakening structure. A move below 3340 could trigger further declines toward the 3285 target.
Entry Point: 3360
First Target Point: 3340
Second Target Point: 3285
Entry Point: 3360
First Target Point: 3340
Second Target Point: 3285
Order cancelled
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.
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.