Gold Analysis (XAU/USD) – Potential Bearish Pullback Within an A
The price of gold is currently trading within a well-defined ascending channel on the 1-hour timeframe. The recent rejection from the upper boundary of the channel suggests a potential bearish correction.
Key Levels to Watch:
Target 1: $2,654 – Midline of the channel, acting as the first support level.
Target 2: $2,645 – Lower boundary of the channel, where stronger support is anticipated.
Technical Outlook:
1. If the price approaches the lower boundary near $2,645, we could see a possible bounce, indicating the continuation of the bullish trend.
2. A confirmed break below the channel might open doors for further downside momentum, signaling a reversal of the current trend.
Strategy:
Traders should closely monitor price action near these key levels. Look for confirmation signals, such as candlestick patterns or volume
Key Levels to Watch:
Target 1: $2,654 – Midline of the channel, acting as the first support level.
Target 2: $2,645 – Lower boundary of the channel, where stronger support is anticipated.
Technical Outlook:
1. If the price approaches the lower boundary near $2,645, we could see a possible bounce, indicating the continuation of the bullish trend.
2. A confirmed break below the channel might open doors for further downside momentum, signaling a reversal of the current trend.
Strategy:
Traders should closely monitor price action near these key levels. Look for confirmation signals, such as candlestick patterns or volume
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