Gold Spot / U.S. Dollar (XAU/USD) on a 1-hour (1H) timeframe.

Gold Spot / U.S. Dollar (XAU/USD) on a 1-hour (1H) timeframe.

Chart Details:
Exchange/Data Source: PYTH
Current Price: Around 2,916.110
Recent Price Movement:
The chart shows a bounce from a lower support level, reaching the 2,916 area.
Price is currently near a resistance zone.
Key Levels:
Resistance Zone: 2,922.617 - 2,928.000
Support Zone: 2,897.917 - 2,904.000
Expected Price Action:
The chart suggests a bearish structure, as price is struggling to break above the resistance zone.
The zig-zag arrows indicate a possible rejection from the current level, leading to a drop towards the 2,897 support area.
Trading Idea:
Potential Sell Entry: Around 2,915 - 2,916
First Target: 2,904
Final Target: 2,897
Invalidation Level (Stop-Loss): Above 2,922
This analysis indicates a possible shorting opportunity, but confirmation with additional indicators is advised before taking a trade!