Gold (XAUUSD) on the 1H chart shows a strong bearish reversal after price broke below a steep ascending trend line, confirming selling pressure. The rejection from the upper resistance zone near $3,393–$3,395 adds confluence to the bearish bias. Price is currently testing middle resistance at $3,370, and failure to reclaim it could lead to further downside toward the $3,320–$3,310 support zone.
Technical Analysis:
Trend Line Break: Confirmed downside reversal
Bearish Structure: Lower highs and lower lows developing
Key Resistance Zones: $3,370 and $3,393
Support Zone: $3,319–$3,310
Fundamental Insight:
Gold sentiment is weakening as market expectations of hawkish Fed tone and strong dollar momentum continue to weigh on bullion.
Trade Bias:
Sell below $3,370 resistance. Watch for confirmation of rejection and momentum shift.
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This is not financial advice. Please conduct your own research and manage risk accordingly.
Technical Analysis:
Trend Line Break: Confirmed downside reversal
Bearish Structure: Lower highs and lower lows developing
Key Resistance Zones: $3,370 and $3,393
Support Zone: $3,319–$3,310
Fundamental Insight:
Gold sentiment is weakening as market expectations of hawkish Fed tone and strong dollar momentum continue to weigh on bullion.
Trade Bias:
Sell below $3,370 resistance. Watch for confirmation of rejection and momentum shift.
Note: If you found this helpful, like and follow for more trade ideas!
Share My Idea With Your Firends Mention Your Feed back Comment Section
This is not financial advice. Please conduct your own research and manage risk accordingly.
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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.