Technical Analysis – Gold (XAU/USD) – 4H Chart
Gold is currently testing a key resistance area (highlighted in red) around $2,880 - $2,898, which previously acted as support. A rejection from this zone could signal further downside towards the target area near $2,801.
If price fails to break above resistance, a continuation of the bearish trend is likely. However, a strong breakout above $2,898 could invalidate the short setup and signal a potential reversal.
Traders should watch price action around the resistance zone for confirmation before taking positions.
If you enjoy, press the like button.
Gold is currently testing a key resistance area (highlighted in red) around $2,880 - $2,898, which previously acted as support. A rejection from this zone could signal further downside towards the target area near $2,801.
If price fails to break above resistance, a continuation of the bearish trend is likely. However, a strong breakout above $2,898 could invalidate the short setup and signal a potential reversal.
Traders should watch price action around the resistance zone for confirmation before taking positions.
If you enjoy, press the like button.
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Trade closed with 200 pips+ profits.
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