XAUUSD 1H

This is a 1-hour chart of Gold (XAU/USD), showing key levels and a recent rejection from the supply zone (blue area) around 2,942.780.

Market Breakdown:
• Supply Zone (Resistance): ~2,942.780
• Key Intraday Resistance: 2,914.365
• Current Price: 2,900.820
• Recent Move: Sharp drop from the supply zone, followed by a minor recovery.

Potential Trade Setups:
1. Bearish Case:
• If price rejects from 2,914–2,917, it could be a good shorting opportunity back to 2,880–2,870.
• Watch for bearish candlestick patterns (e.g., engulfing, pin bars) near 2,914.
2. Bullish Case:
• If price reclaims 2,914, it could push back into the supply zone (2,942-2,945).
• Look for higher lows and strong bullish candles before entering longs.

Final Thoughts:
• Bias: Bearish below 2,914, Bullish above 2,917.
• Trading Plan: Wait for confirmation at key levels before entering.