Gold Breakdown from Rising Wedge – Bearish Correction Incoming?

Chart Analysis & Trade Setup:
This XAU/USD (Gold/US Dollar) Daily Chart presents a bearish reversal pattern as Gold has broken down from a well-formed Rising Wedge, signaling potential downside momentum.

Technical Breakdown:
📌 Rising Wedge Formation – Gold followed a narrowing uptrend, indicating weakening bullish momentum.
📌 CHoCH (Change of Character) – A significant bearish candle closed below the wedge structure, confirming a shift in market structure.
📌 Wave Structure – The market completed a complex corrective WXYXZ pattern, aligning with exhaustion at the top.
📌 Bearish Breakdown – The price has started declining, with strong bearish momentum suggesting further selling pressure.

Key Levels & Trade Plan:
📉 Bearish Target Zones:
🔻 2,727 USD – First key support zone.
🔻 2,655 USD – Strong historical demand zone.
🔻 2,537 USD – Major swing low support.

✅ Potential Trade Setup:

Entry: Below 2,880 USD on breakdown confirmation.
Stop Loss: Above 2,920 USD (wedge breakdown invalidation).
Take Profit: Scale out at 2,727 / 2,655 / 2,537 USD.