Gold Fails to Break Resistance — $3,940 Support in Focus

Hello traders! Here’s my technical outlook based on the current XAUUSD (4H) chart structure. XAUUSD previously traded inside a broad range beneath a long-term descending trendline before breaking below the range support, confirming renewed bearish momentum. Price later formed a Rounding Top at the trendline resistance, where sellers regained control and pushed the market lower. Currently, XAUUSD is trading above the 3,940 Buyer Zone while remaining below the 4,100 Seller Zone. Price continues to respect the long-term descending trendline, with the recent recovery struggling beneath this major resistance. As long as XAUUSD remains below the 4,100 Seller Zone and the descending trendline, the bearish scenario remains valid. A rejection from current levels could push price toward the 3,940 Buyer Zone (TP1), where buyers may attempt to defend support. Please share this idea with your friends and click "Boost" 🚀

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Today we have reached a key resistance zone where we expect sellers to react!

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We see that gold has broken the trend line, which cancels my scenario of a continuation of the downward movement. A change in movement is possible!

LegionQ8

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LegionQ8

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