GOLD (XAUUSD, 1H) Double Bottom & Continuation to Lower Fibs

On the 1-hour chart, gold attempted to form a double bottom structure, which initially showed bullish potential. However, the price action quickly reversed near resistance, failing to sustain above key EMAs and trendline zones. This invalidates the reversal attempt and reaffirms the current bearish structure within the descending channel.

The price is now trading back below broken support and heading towards deeper Fibonacci retracement levels, with visible supply pressure and repeated failure to hold any bullish breakout. Volume has shifted lower on rallies, confirming weak buyer commitment.

Downside targets (Fibonacci structure):
– $3251 – 0.382 retracement
– $3221 – 0.618 retracement (primary structural support)
– $3165 – 0.786 extension zone (final support before breakdown scenario)
The descending wedge remains valid. Unless the market reclaims $3305–$3334 with strong confirmation, the corrective leg toward the lower support zones is likely to continue. A clean break below $3220 would open the door for a move toward the $3160s.

The failed double bottom setup confirms bearish continuation. Structure, volume, and trendlines all align with a move lower. Watch for reactions at $3221 and $3165 as critical levels.