gold 1hour chart technical analysis next move poosible

This chart is a technical analysis of XAU/USD (Gold vs. US Dollar) on a 1-hour timeframe. Here’s what it indicates:

Key Elements in the Chart:
Uptrend Channel (Blue Zone)

The price has been moving in an upward trend, staying within a blue trend channel.
It recently reached the upper boundary of the channel.
Resistance Zone (Red Box at the Top - Near 3,006-3,026)

The price hit a resistance level (highlighted in red), suggesting a potential reversal or pullback.
Bearish Reversal Signal (Orange Circle & Blue Arrows)

The price reached the resistance level and showed signs of rejection.
The blue arrows suggest a possible price drop after failing to break above resistance.
Support Zone (Red Highlight at the Bottom - Around 2,840-2,860)

A strong support zone is identified, where price previously bounced.
The chart suggests that if the price declines, this area could act as a key support level.
Fibonacci Circles & Levels (Red and Blue Circles on Left Side)

These are Fibonacci-based support/resistance zones.
Price movement often reacts to these levels, either bouncing or consolidating.
Trading Plan (Green & Red Boxes on the Right Side)

The red box at the top represents a stop-loss area (if price moves against a trade).
The green box below represents a take-profit zone (potential downside target).
Conclusion:
This chart suggests that gold (XAU/USD) may face a correction (drop) after reaching resistance near 3,006-3,026. If the price fails to hold the trendline, it may decline towards support levels near 2,940 or lower.

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