Gold Tests Major Trendline - Will XAUUSD Break or Reverse?
Hello traders! Here’s my technical outlook based on the current XAUUSD (4H) chart structure. XAUUSD previously formed a rounding top before breaking below a major support line, confirming a bearish shift in market structure. After the decline, price found support near the 4,100 Buyer Zone and started a recovery while remaining below the long-term descending trendline. Currently, XAUUSD is trading above the 4,100 Buyer Zone while remaining below the 4,220 Seller Zone. The recent rebound has brought price back to the descending trendline, where a key resistance area may attract sellers. As long as XAUUSD remains below the 4,220 Resistance Level and respects the descending trendline, the bearish scenario remains valid. A rejection from current levels could push price back toward the 4,100 Buyer Zone (TP1). Please share this idea with your friends and click Boost on TradingView, link below 🚀
https://www.tradingview.com/chart/XAUUSD/XrwWVEmk-Gold-Tests-Major-Trendline-Will-XAUUSD-Break-or-Reverse/
Hello traders! Here’s my technical outlook based on the current XAUUSD (4H) chart structure. XAUUSD previously formed a rounding top before breaking below a major support line, confirming a bearish shift in market structure. After the decline, price found support near the 4,100 Buyer Zone and started a recovery while remaining below the long-term descending trendline. Currently, XAUUSD is trading above the 4,100 Buyer Zone while remaining below the 4,220 Seller Zone. The recent rebound has brought price back to the descending trendline, where a key resistance area may attract sellers. As long as XAUUSD remains below the 4,220 Resistance Level and respects the descending trendline, the bearish scenario remains valid. A rejection from current levels could push price back toward the 4,100 Buyer Zone (TP1). Please share this idea with your friends and click Boost on TradingView, link below 🚀
https://www.tradingview.com/chart/XAUUSD/XrwWVEmk-Gold-Tests-Major-Trendline-Will-XAUUSD-Break-or-Reverse/