XAU/USD 1H Chart: Bearish Flag Pattern Threatens Key Support.

hello traders
What are your thoughts on xauusd
### **Key Observations:**
1. **Price Action & Pattern:**
- **Bearish Flag Pattern** identified (continuation pattern). This suggests a potential resumption of the prior downtrend after a brief consolidation.
- The pattern’s parameters (15, 50) likely refer to the consolidation period and flagpole length.
- Current price: **2,904.95** (down **0.49%**), testing near-term support at **2,903.59**.

2. **Technical Indicators:**
- **EMA (200, close)** is bearish, indicating the price is trading below this long-term moving average, reinforcing the downtrend.

3. **Key Levels:**
- **Resistance:** Recent high at **2,940.000** (top of the flag).
- **Immediate Support:** **2,903.591** (critical level; a break below could trigger further selling).
- **Lower Targets:** Measured move target of the bearish flag (projected decline equal to the flagpole’s height).

### **Interpretation & Strategy:**
- **Bearish Bias** dominates due to the EMA 200 alignment and bearish flag structure.
- A confirmed break below **2,903.59** could signal a sell opportunity, targeting **2,880–2,860** (projected flagpole move).
- If price rebounds above **2,920**, the bearish pattern would be invalidated, shifting focus to resistance at **2,940**.