XAUUSD 1HOUR CHART TECHNICAL ANALYSIS CHECK CAPTAIN.

This chart represents a technical analysis of XAU/USD (Gold vs. US Dollar) on the 1-hour timeframe. It highlights key levels of support and resistance, trend channels, and potential price movements.

Key Observations:

1. Downtrend Channel (Blue and Red Shaded Zone)

The price was in a downtrend for a while, forming lower highs and lower lows.

Eventually, it broke out of the bearish channel and started moving up.



2. Resistance Level (~2936.674 - Yellow Zone)

This area is identified as a strong resistance where price has previously struggled.

Price is approaching this level, and a rejection is expected.



3. Current Price (~2890.905)

The price is near the intermediate resistance level (~2905.641).

The blue arrows suggest a potential small pullback before testing the strong resistance (~2936.674).



4. Bearish Scenario

If price fails to break 2936.674, a drop towards 2834.040 (red support zone) is possible.

The arrows show a possible lower high formation leading to a downtrend.




Trading Plan:

Sell Setup (Short Position)

If price rejects 2936.674, consider shorting with a target around 2834.040.

Confirmation: Bearish candlestick patterns at resistance.


Buy Setup (Long Position)

If price breaks above 2936.674, it could continue higher.

Confirmation: Strong breakout candle with volume.



Conclusion:

This chart suggests a strong resistance at 2936.674, and price might reject and fall if it fails to break this zone. However, if bulls push higher, an uptrend continuation is possible.

Would you like a more detailed breakdown or trade suggestions?