XAUUSD in a Daily Channel — Bears Eyeing a Break at Trendline Re

📊 Cycle Structure:

HWC (Higher Wave Cycle): Bearish with a mild slope 🔽

MWC (Middle Wave Cycle): Bullish 🔼

LWC (Lower Wave Cycle): Bullish 🔼

While both the mid and short-term cycles are pushing upward, the dominant bearish trend in the higher timeframe still weighs heavier, tilting the bias toward short setups.

📐 Market Structure:

Price is moving within a descending daily channel.

There's a 1H ascending trendline that has been tested four times already — currently heading into a fifth test.

The previous (fourth) reaction was weak, which statistically increases the chance of a breakout on the fifth touch.

The 3290 zone remains a strong resistance and a good target for short-term profit-taking on short positions.

📈 Alternate Long Scenario:

If buying pressure intensifies and price breaks above the 3345 key resistance, it could trigger a shift toward a bullish bias and challenge the integrity of the descending channel. This would invite breakout traders to join the move. However, this remains a secondary scenario, not the primary focus right now.

📌 Main focus remains on identifying short opportunities near resistance with proper risk management in place.
📌 If you'd like a specific pair or coin analyzed, drop it in the comments — I’ll choose from there.

⚠️ Without proper risk management, you're just a ticking time bomb.
— PXA