Gold Analysis β Ascending Channel with Resistance Rejection
Gold (XAU/USD) Analysis β Ascending Channel with Resistance Rejection π
π Timeframe: 4H
π° Current Price: $2,939
π Trend: Uptrend within an ascending channel
Market Overview:
Gold is currently trading inside an ascending channel, respecting both dynamic support and resistance. However, the price has shown multiple rejections at the resistance zone, indicating a potential pullback.
Key Levels to Watch:
β
Resistance Zone: $2,950 - $2,960 (Strong rejection area)
β
Support Levels: $2,920 (Dynamic support), $2,882 (Major support)
β
Critical Breakdown Level: Below $2,882 could signal a deeper correction
Technical Pattern:
πΉ Double Top Formation at Resistance: Price failed to break higher, showing a bearish reaction.
πΉ Dynamic Support Retest: The price could test the ascending channel support near $2,920.
πΉ Lower Highs Forming: A sign of weakening bullish momentum.
Trade Plan:
πΉ Bearish Scenario:
If price rejects the resistance again, expect a pullback towards $2,920 - $2,910.
A breakdown below the ascending channel could trigger a drop to $2,882 or lower.
πΉ Bullish Scenario:
If price holds above $2,920, bulls may attempt another breakout towards $2,960+.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.