Gold Fails at the Channel Breakout — Is $4,113 the Next Target?
$XAU appears to have failed to break above the upper trendline of the Descending Channel, allowing sellers to regain short-term control.
More importantly, the latest 1-hour candle is approaching a close below the key $4,167 and $4,156 trading levels.
A confirmed close below these levels would provide stronger bearish confirmation.
Technical Analysis
The rejection from the upper boundary of the Descending Channel suggests that buyers have not yet gained enough momentum to confirm a bullish breakout.
I expect gold to continue moving lower over the coming hours and make another attempt to test the Support Zone ($4,067-$4,122).
The first downside area is around $4,125, followed by $4,113.
If bearish momentum strengthens and the Support Zone ($4,067-$4,122) fails to hold, the probability of a deeper correction could increase significantly.
Trade Setup
First TP: $4,125
Second TP: $4,113
Stop Loss: $4,192
Key Levels: $4,157 | $4,167 | $4,177
For now, the 1-hour candle close below $4,156-$4,167 is the main confirmation to watch.
Which level will gold reach first?
🔴 $4,113
🟢 $4,192
#GOLD
$XAU appears to have failed to break above the upper trendline of the Descending Channel, allowing sellers to regain short-term control.
More importantly, the latest 1-hour candle is approaching a close below the key $4,167 and $4,156 trading levels.
A confirmed close below these levels would provide stronger bearish confirmation.
Technical Analysis
The rejection from the upper boundary of the Descending Channel suggests that buyers have not yet gained enough momentum to confirm a bullish breakout.
I expect gold to continue moving lower over the coming hours and make another attempt to test the Support Zone ($4,067-$4,122).
The first downside area is around $4,125, followed by $4,113.
If bearish momentum strengthens and the Support Zone ($4,067-$4,122) fails to hold, the probability of a deeper correction could increase significantly.
Trade Setup
First TP: $4,125
Second TP: $4,113
Stop Loss: $4,192
Key Levels: $4,157 | $4,167 | $4,177
For now, the 1-hour candle close below $4,156-$4,167 is the main confirmation to watch.
Which level will gold reach first?
🔴 $4,113
🟢 $4,192
#GOLD