XAU/USD Analysis: Bearish Pullback Towards $3,000 Support

23 Mar

XAU/USD (Gold Spot vs. U.S. Dollar) Technical Analysis - 1H Chart
1. Price Action & Trend Analysis
The market has been in a strong uptrend, characterized by higher highs and higher lows.

Recently, the price faced resistance near the $3,040 level, leading to a rejection.

A pullback is currently in progress, suggesting a possible retracement to a demand zone.

2. Key Levels
Resistance Zone (Supply Zone): Around $3,040 - $3,045 where price has been rejected multiple times.

Support Zone (Demand Zone): Around $3,000 - $3,005, a previous accumulation area.

Current Price: $3,023.695

3. Market Structure & Expected Move
The price tested the resistance zone, failed to break above, and is now reacting downward.

A bearish projection (as shown in the chart) suggests a potential move toward the $3,000 - $3,005 support zone.

If the price reaches this level and finds buying pressure, we could see a reversal or continuation of the uptrend.

4. Indicators & Confluence Factors
Support-Resistance Flip: The previous support at $3,000 could act as a strong support again.

Bearish Momentum: Short-term price action suggests sellers are gaining control after rejection at resistance.

Liquidity Zones: The highlighted purple zones represent institutional order blocks where significant buy/sell orders exist.

5. Trading Plan & Strategy
Bearish Scenario: If price breaks below $3,000, we could see further downside pressure.

Bullish Scenario: A bounce from $3,000 could provide buying opportunities for another attempt at breaking $3,040.

6. Conclusion
The market is currently retracing from resistance, and a short-term bearish move is expected toward $3,000.

Traders should watch for price reaction at $3,000 to determine if it holds as support or breaks for further downside.

24 Mar

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24 Mar

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XAU/USD Analysis: Bearish Pullback Completes as Price Hits $3,000 Support

Gold (XAU/USD) followed the expected bearish retracement, successfully reaching the $3,000 support zone after rejection from resistance near $3,040. Now, traders will watch for potential buying pressure at this key level or a possible breakdown for further downside.