Gold (XAU/USD) has officially broken below a long-term ascending trendline on the 4H chart, indicating a potential shift in market structure. The recent breakout from a bear flag pattern confirms bearish momentum, and price is now approaching a key horizontal support zone around $3,249 and $3,242.
🔹 Trendline support (now resistance) broken
🔹 Bear flag breakdown – strong bearish candle
🔹 Eyes on support levels: $3,249, $3,165, and possibly lower
🔹 Watch for a potential retest of the broken trendline for short opportunities
A clean break and close below $3,249 could open the door for further downside in the coming sessions. Trade cautiously and manage your risk!
🔹 Trendline support (now resistance) broken
🔹 Bear flag breakdown – strong bearish candle
🔹 Eyes on support levels: $3,249, $3,165, and possibly lower
🔹 Watch for a potential retest of the broken trendline for short opportunities
A clean break and close below $3,249 could open the door for further downside in the coming sessions. Trade cautiously and manage your risk!
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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.