Technical analysis
Current trend: bearish in the short term.
Current price: approximately 4047.
The price is below the Ichimoku cloud, which is a negative signal.
The Conversion Line (Tenkan) is below the Base Line (Kijun), supporting the continuation of selling pressure.
The latest candles closed strongly lower after breaking support.
Important levels
First support: 4032
Second support: 4019
Third support: 4006
If 4006 is broken with an hourly closing, the decline may extend to the 3980–3968 area.
As for resistance, it is:
4058
4070
4083
then 4096 (strong resistance).
Expected scenario
As long as the price remains below 4070, the bias stays for selling.
Any rise to 4058–4070 may be a selling opportunity if reversal candles appear.
If the price closes above 4096 on the hourly timeframe, the bearish scenario may weaken and an upward correction could begin.#XAUUSD
Current trend: bearish in the short term.
Current price: approximately 4047.
The price is below the Ichimoku cloud, which is a negative signal.
The Conversion Line (Tenkan) is below the Base Line (Kijun), supporting the continuation of selling pressure.
The latest candles closed strongly lower after breaking support.
Important levels
First support: 4032
Second support: 4019
Third support: 4006
If 4006 is broken with an hourly closing, the decline may extend to the 3980–3968 area.
As for resistance, it is:
4058
4070
4083
then 4096 (strong resistance).
Expected scenario
As long as the price remains below 4070, the bias stays for selling.
Any rise to 4058–4070 may be a selling opportunity if reversal candles appear.
If the price closes above 4096 on the hourly timeframe, the bearish scenario may weaken and an upward correction could begin.#XAUUSD