Gold 1hour chart technical analysis next move possible.

This chart represents a bearish setup for gold (XAU/USD) on the 1-hour timeframe. Here’s what it indicates:

Analysis & Trade Setup:

1. Resistance Zone (Red Box)

The red-shaded area highlights a resistance zone where price has struggled to break higher.

Price is testing this area again, suggesting potential rejection.



2. Trendline & Structure Breakdown

A strong ascending trendline (black) has been supporting the uptrend.

If price fails to hold above this area, a breakdown may occur.



3. Bearish Expectation (Black Arrow)

The zigzag movement inside the resistance zone suggests a liquidity grab before a potential drop.

Price is expected to reject the resistance and move toward support at $2,918.34 (blue line).




Key Levels:

Resistance (Sell Zone): Around $2,940–$2,945

Support (Target Zone): Around $2,918.34

Bearish Confirmation: If price starts dropping below the red zone, it may accelerate downward.


Conclusion:

This is a short (sell) setup where price is expected to reject resistance and drop to support. If resistance holds, a downtrend is likely toward the blue support line.

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