GOLD 1HOUR CHART TECHNICAL ANALYSIS NEXT MOVE POSSIBLE

This is a technical analysis chart for Gold (XAU/USD) on the 1-hour timeframe, published on TradingView. Here’s what it suggests:

1. Resistance Level (Blue Zone):

The price is approaching a key resistance area around $2,930.

This level has been tested before and could act as a strong barrier.



2. Potential Reversal Setup (Blue Arrow):

The chart suggests that gold may reverse down from this resistance.

A downward arrow indicates a possible short (sell) trade setup.



3. Take Profit (TP) Targets:

TP1 (First Target): Around $2,904.77

TP2 (Second Target): Around $2,884.96

These levels are where traders might consider closing their short positions.



4. Price Action & Trend Analysis:

The price previously formed a descending channel (red and blue shaded area).

It has now broken out of that channel and is testing the resistance.




Conclusion:

This chart suggests a potential sell opportunity if the price respects the resistance. If gold gets rejected at this level, it could