Gold technical analysis next move possible

This chart is a technical analysis of Gold (CFDs on Gold, US$/OZ) on a 1-hour timeframe, created using TradingView. It displays support and resistance levels, along with potential price movements. Here's what it means:

1. Support & Resistance Levels:

Red horizontal lines represent resistance (price levels where selling pressure is strong).

Blue horizontal lines represent support (price levels where buying pressure is strong).



2. Key Price Levels:

Current price: 2,911.040 (falling by -41.685 (-1.41%)).

Nearest resistance: 2,956.150.

Nearest support: Around 2,921.055.



3. Bearish Move & Potential Recovery:

A sharp drop in price occurred, touching the highlighted red box (potential demand zone).