🚨 XAUUSD IS TRADING INSIDE A 4H DESCENDING CHANNEL
Gold is currently trading around $4,179 after facing rejection from higher levels.
The 4-hour chart shows a clear descending channel, with price still moving below the trendline resistance.
The key level to watch is around $4,234.
This area has acted as an important resistance level, and a clean 4H close above it could signal a change in short-term momentum.
Bullish scenario:
Gold reclaims $4,234 and breaks above the descending channel.
That could open the way toward the $4,280–$4,320 area.
Bearish scenario:
Price gets rejected below $4,234 and loses the recent support around $4,120.
That could expose the next major demand zone near $4,020–$4,060.
The current structure is still cautious.
Gold has strong long-term momentum, but the short-term chart remains under pressure until price breaks the channel.
Watch for:
• 4H close above $4,234
• Breakout from the descending channel
• Rejection near resistance
• Support around $4,120
• Demand zone near $4,020–$4,060
• US Dollar and Treasury yields
Do not chase the first candle.
Wait for confirmation from the level and the structure.
Aasim Majeed AMC
$XAU
#Gold #XAUUSD #TechnicalAnalysis
This is chart analysis, not financial advice.
Gold is currently trading around $4,179 after facing rejection from higher levels.
The 4-hour chart shows a clear descending channel, with price still moving below the trendline resistance.
The key level to watch is around $4,234.
This area has acted as an important resistance level, and a clean 4H close above it could signal a change in short-term momentum.
Bullish scenario:
Gold reclaims $4,234 and breaks above the descending channel.
That could open the way toward the $4,280–$4,320 area.
Bearish scenario:
Price gets rejected below $4,234 and loses the recent support around $4,120.
That could expose the next major demand zone near $4,020–$4,060.
The current structure is still cautious.
Gold has strong long-term momentum, but the short-term chart remains under pressure until price breaks the channel.
Watch for:
• 4H close above $4,234
• Breakout from the descending channel
• Rejection near resistance
• Support around $4,120
• Demand zone near $4,020–$4,060
• US Dollar and Treasury yields
Do not chase the first candle.
Wait for confirmation from the level and the structure.
Aasim Majeed AMC
$XAU
#Gold #XAUUSD #TechnicalAnalysis
This is chart analysis, not financial advice.
