Potential Bearish Movement on Gold (XAU/USD) | Short-Term Price

Potential Bearish Movement on Gold (XAU/USD) | Short-Term Price Action

This chart displays the 3-hour timeframe of Gold (XAU/USD), where the price is trading within an ascending channel. The current structure indicates a potential breakdown from the lower boundary of the channel, signaling a possible downside move.

Key Levels:

Current Price: $2,689.755

Target 1 (TP1): $2,660

Target 2 (TP2): $2,640


Price Analysis and Potential Strategy:

1. Channel Breakdown: A breakdown below the lower boundary of the channel may confirm a bearish movement.


2. First Target: $2,660, which serves as a significant support level.


3. Second Target: $2,640, representing the next major support zone.



Important Notes:

This analysis is for educational purposes only and does not constitute financial advice.

Monitoring the market trend and volume is essential. Always practice proper risk management in trading.


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