Bearish Continuation with Potential Reversal!

アップデート済

4H Chart
Current Price: 2563.200

Descending Channel:
A bearish pattern where price moves between two downward-sloping parallel trendlines, with the upper trendline acting as resistance and the lower trendline as support. This indicates sellers are in control, pushing the price lower with each rally.

Bearish Continuation Pennant:
A chart pattern that forms after a sharp decline, followed by a small symmetrical triangle. It indicates a pause in the downtrend before the price continues lower, with sellers in control. A breakout to the downside confirms the continuation of the bearish trend.

RSI Bullish Divergence:
RSI Bullish Divergence occurs when the price forms lower lows, but the Relative Strength Index (RSI) forms higher lows. This indicates a weakening downtrend and suggests that the bearish momentum is slowing, potentially signaling a reversal to the upside.

Key Levels:
• Strong Pivot: 2578.125
• Ultimate Support: 2500.00
• Major Resistance: 2656.379

Outlook:
After analysing, we can see that the price has been rejected multiple times from Strong Pivot at 2578.125, and has formed a Bearish Continuation pattern. Since the RSI is below the 50 line, it is still considered bearish territory, so the price is most likely to drop to the Ultimate Support (psychological level). Then, we expect the RSI Bullish Divergence to show its effect and push the price back to the Strong Pivot (2578.125). After a breakout of this level, we expect the price to reach the Major Resistance at 2656.379.

Happy Trading

ノート

During the Asian session, the price formed a gap and surged strongly, reaching 2597.31. It has now approached the confluence of the Descending and Ascending Channels, slightly surpassing 2597.31. This area aligns with a significant resistance zone.

Given these factors, we anticipate a potential decline from the resistance zone, with the price likely to fill the gap within the next few hours.

Good luck with your trades! 🚀

ノート

Why is Gold Rising?
Russia revised its nuclear policy, allowing potential use of atomic weapons, coinciding with Ukraine’s first use of US-made missiles on Russian soil. Meanwhile, investors are watching the Federal Reserve, with many still expecting a 25bps rate cut in December, though strong economic data has made this less certain. Goldman Sachs recommended investing in gold, citing these developments. As a result, gold prices have been climbing steadily since Monday.

手動でトレードを終了しました

ノート

New analysis published due to reversal signals.