XAUUSD is currently trading in a clear downward channel on the H4 timeframe. After failing to break the resistance at 3,360, the price reversed and is now testing the important support level at 3,320. This support level has been tested multiple times in the past weeks. If this support is broken, the bearish trend could continue, with the next targets at 3,300 and 3,280.
The market structure remains weak, with lower highs and lower lows, confirming that the selling pressure is dominant. If the price fails to hold the 3,320 support level, the likelihood of further declines towards lower support levels is very high. It’s crucial to closely monitor price action at these support levels.
Stay tuned to market developments and prepare your trading strategy accordingly, as everything is shifting towards a stronger bearish move!
The market structure remains weak, with lower highs and lower lows, confirming that the selling pressure is dominant. If the price fails to hold the 3,320 support level, the likelihood of further declines towards lower support levels is very high. It’s crucial to closely monitor price action at these support levels.
Stay tuned to market developments and prepare your trading strategy accordingly, as everything is shifting towards a stronger bearish move!
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Top trading opportunities are waiting for you! : t.me/+TaRRH29IRysyNGJl
🔥 High-quality signals – Win rate up to 85%
📍 Accurate, verified technical analysis
⚡ Fast updates – Never miss a golden entry
🔥 High-quality signals – Win rate up to 85%
📍 Accurate, verified technical analysis
⚡ Fast updates – Never miss a golden entry
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.