GOLD 1H CHART LOOK OUT

Price is moving within a descending channel (purple lines).

Support Zone: ~3,340–3,360

Resistance Zone: ~3,410–3,430



---

🔄 Trade Setup Analysis

✅ Scenario 1: Reversal at Support

Expected Path: Price dips into the support zone and bounces back toward resistance.

Bullish Reversal Signal: If there's a bullish engulfing, hammer, or strong volume bounce in the support area, it can trigger a long entry.

Target: Resistance zone (~3,420)

Stop Loss: Below the support zone (~3,335 or lower)


❌ Scenario 2: Breakdown Below Support

If price fails to hold the support zone and breaks below with high momentum, this invalidates the reversal setup.

Next step: Look for retest and rejection of broken support before entering short.



---

🧠 Strategic Notes:

This looks like a classic channel-down with potential bullish breakout setup.

The blue projection path suggests a buy-the-dip plan, targeting a reversal from support.

You could also wait for confirmation, such as:

A break and close above the channel's upper trendline.

Bullish divergence on RSI or MACD near the support zone.




---

Would you like a precise trade plan with entry, SL, and TP values? Or confirmation tools (indicators or confluences) for this strategy?