My Analysis.

This chart is a 4-hour timeframe of CFDs on Gold (XAU/USD), showing price action around the 3,000 level. Here’s an analysis of the technical setup:

Key Observations:

1. Uptrend Formation:

The price has been in a strong uptrend, forming higher highs and higher lows.

The yellow trendlines indicate a pattern of bullish momentum.



2. Resistance Zone (Red Box - 3,000 to 3,040 Area):

The price is currently at a key resistance zone.

Multiple red arrows suggest potential rejection from this level.



3. Potential Reversal Setup:

The large red arrow and yellow trendline indicate a bearish scenario.

A drop is expected from the resistance zone, with a target near the previous support (~2,960).



4. Support Zone (Blue Box - 2,960 Area):

If the price follows the expected downward move, it may find support in this blue zone.

The white horizontal line below acts as a key level to watch.




Possible Trading Scenarios:

1. Bearish Scenario (More Likely Based on the Chart)

If price rejects the resistance zone, a short position could be considered.

Target: 2,960 zone.

Stop-loss: Above 3,040.



2. Bullish Breakout (Less Likely)

If gold breaks above the red resistance box with strong momentum, it could continue higher.

Next resistance: 3,080+.




Conclusion:

Current sentiment leans bearish due to resistance rejection signals.

A break below 2,960 could lead to a further drop.

However, a strong breakout above 3,040 invalidates the bearish outlook.