š Chart Analysis (XAU/USD ā Gold, 1H Timeframe)
1. Trend Overview
- The chart shows a short-term downtrend, confirmed by:
- A descending trendline (multiple touches).
- Lower highs forming consistently.
- Price moving mainly below the moving averages.
2. Key Support & Resistance Zones
- Immediate support zone: The purple horizontal zone where price is currently resting.
This area has acted as support multiple times before. - Major support below: The deeper purple zone near the bottom of the chart, likely a strong demand area.
- Resistance: Blue horizontal line + the descending trendline above current price.
3. Market Structure
- The price is consolidating but leaning bearish.
- Multiple bearish candles near support indicate weakening buying pressure.
- The seller entries shown (red boxes) dominate the chart.
4. Expected Move (Based on Drawing)
The chart suggests:
- A slight pullback upward into the trendline (retest).
- A breakdown below support.
- A continuation downward toward the lower purple support zone.
This aligns with:
- Downtrend pattern
- Trendline rejection
- Weakening support
5. Trade Idea (According to the Chart)
Bias: Bearish
Possible Trade Setup:
- Sell after a small pullback into the trendline area.
- Stop-loss: Above the descending trendline / resistance zone (red area).
- Take-profit: Near the lower major support zone (green area).
Summary
Your chart indicates that Gold (XAU/USD) is maintaining a downtrend, and a breakdown from current support is likely. A bearish continuation move is expected after a pullback.
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