XAUUSD H4 Time Frame Analysis & Forecast – Bearish Rejection at 2724
🔶 Market Overview: XAUUSD has recently rejected the higher resistance level at 2724, forming a strong bearish candle that signals potential further downside. After this rejection, the price is now likely to continue its downward movement, targeting key lower levels such as 2680 and 2670. The support zone to watch closely is around 2690, which could act as a critical point for price action.
📈 Key Levels to Watch:
Resistance (Rejected): 2724
Current Support Zone: 2690
Next Selling Targets: 2680 / 2670
🔶 Price Action & Outlook: The strong bearish rejection at 2724 suggests that the bulls have lost control, and the market may now be heading lower. As the price begins to pull back, traders should focus on the 2690 support zone, which may provide temporary support. If this level is broken, look for further downside toward the 2680 and 2670 zones. This bearish momentum could continue unless there’s a reversal above the 2724 resistance level.