Gold (XAU/USD) continues to trade within a well-defined bearish channel, indicating a prevailing downward trend in the market. The recent price action has seen a retest of the previous support area, which now serves as a crucial level of resistance. Additionally, the dynamic trendline is also intersecting with this resistance zone, potentially strengthening its significance as a barrier to upward movement.
Considering these technical factors, there is a strong likelihood of the price being rejected at the resistance zone and resuming its downward trajectory. The next targets for the bearish move lie at two major support areas, which have previously shown significant buying interest.
Given the overall bearish outlook, we are actively seeking a bearish trading setup in the Gold market.
Considering these technical factors, there is a strong likelihood of the price being rejected at the resistance zone and resuming its downward trajectory. The next targets for the bearish move lie at two major support areas, which have previously shown significant buying interest.
Given the overall bearish outlook, we are actively seeking a bearish trading setup in the Gold market.
