GOLD Has Been Trading Within an Overall Downward-sloping Channel
Hello everyone! Today i want to share some macro analysis with you!
Technical Analysis: $XAU/USD(XAUUSD.FOREX)$$Gold - main 2612(GCmain)$
The current gold price is consolidating within a narrow range near the bottom of a key downtrend channel and the 4,330 level!
In terms of technical structure, the downtrend channel continues, with lows gradually rising (potential double bottom?). After facing resistance above 4,450 earlier, gold has been trading within an overall downward-sloping channel.
Current key price defense zone: strong resistance at 4,350–4,355; strong support at 4,309–4,322.
In the short term (over the next few hours), it is highly likely that gold will remain within the 4,322–4,350 range, consolidating in a narrow flag or triangle pattern.
If, after the European and U.S. sessions open, the bulls fail to break through 4,350 with strong volume, a prolonged consolidation will inevitably lead to a decline. Sellers will seize the opportunity to push prices lower, breaking below today’s low of 4322!
Continue to focus on sell orders! Short-term strategy: Sell: 4345–48 TP: 4328–4330 SL: 4362
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