XAUUSD remains inside a clear descending channel, and the latest price action is keeping sellers in control.
The important development is the break below the previous support zone. Price moved through this area with strong bearish momentum and, so far, buyers have not been able to reclaim it. Instead, Gold is consolidating underneath the broken support, which now becomes the main resistance area to watch.
As long as price stays below this zone, the bearish structure remains intact. The next area I’m watching on the downside is around 4,103. If that level gives way, the descending channel leaves room for a deeper move lower.
A recovery back above the broken support would weaken this bearish idea. Until then, I would rather follow the existing structure than try to predict the bottom.
Watch how price reacts around the broken support before taking a trade.
The important development is the break below the previous support zone. Price moved through this area with strong bearish momentum and, so far, buyers have not been able to reclaim it. Instead, Gold is consolidating underneath the broken support, which now becomes the main resistance area to watch.
As long as price stays below this zone, the bearish structure remains intact. The next area I’m watching on the downside is around 4,103. If that level gives way, the descending channel leaves room for a deeper move lower.
A recovery back above the broken support would weaken this bearish idea. Until then, I would rather follow the existing structure than try to predict the bottom.
Watch how price reacts around the broken support before taking a trade.
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🚀 SMART CRYPTO TRADING STARTS HERE!
BTC • ETH • ALTCOINS
🎯 Daily Signals | Entry • TP • SL
⚡ Real-Time Alerts & Market Insights
💎 VIP Signals & Private Support
🔥 TRADE SMARTER. STAY AHEAD.
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BTC • ETH • ALTCOINS
🎯 Daily Signals | Entry • TP • SL
⚡ Real-Time Alerts & Market Insights
💎 VIP Signals & Private Support
🔥 TRADE SMARTER. STAY AHEAD.
👇 JOIN OUR COMMUNITY
t.me/+22Cs-Z14bJg3NDJl
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.