XAUUSD H1 Move Read The Caption

This is a 1-hour candlestick chart of XAU/USD (Gold Spot against the US Dollar), showing technical analysis:

1. Uptrend Channel: The yellow channel indicates an upward price trend. The price consistently bounced between the upper and lower boundaries of this channel.


2. Breakout and Support: The price has broken out of the channel, forming a new area of support near 2,675. This level is marked by a blue horizontal line.


3. Target Zone: A potential bearish scenario is highlighted, where the price could drop to the "Target Zone" near 2,650. This area is represented by a horizontal blue line at the bottom.


4. Predicted Price Movement: The white zigzag lines depict possible price movements:

A short-term rally testing the upper resistance near 2,680-2,690.

A subsequent downward movement back to the support or the target zone at 2,650.



5. Analysis Context:

Traders are monitoring the resistance level for rejection or a further breakout.

A break below the blue support line could lead to further selling pressure toward the 2,650 target zone.




This chart likely reflects a near-term bearish bias following the break from the ascending channel.