The chart for Gold/US Dollar (XAU/USD) on a 4-hour timeframe from EightCap shows a bearish trend. The price is currently at approximately 2311.85 USD and has broken below an upward trendline, indicating potential further downside.
A significant resistance level is identified around 2326.63 USD, where the price faced selling pressure before the recent drop. The chart projects a possible downward movement, represented by a yellow arrow, suggesting the price might attempt a brief recovery towards the resistance level but is expected to continue declining.
The target for this downward movement is around 2300.20 USD, with potential further decline to 2286.78 USD. These levels represent significant support areas where buyers might step in. The highlighted area in green indicates the expected pullback zone before the continuation of the bearish trend.
In summary, the chart indicates a bearish outlook for XAU/USD, with the price breaking below the trendline and facing resistance at 2326.63 USD. The key support levels to watch are 2300.20 USD and 2286.78 USD. Traders should monitor the price action around these levels to confirm the continuation of the bearish trend and potential further decline
A significant resistance level is identified around 2326.63 USD, where the price faced selling pressure before the recent drop. The chart projects a possible downward movement, represented by a yellow arrow, suggesting the price might attempt a brief recovery towards the resistance level but is expected to continue declining.
The target for this downward movement is around 2300.20 USD, with potential further decline to 2286.78 USD. These levels represent significant support areas where buyers might step in. The highlighted area in green indicates the expected pullback zone before the continuation of the bearish trend.
In summary, the chart indicates a bearish outlook for XAU/USD, with the price breaking below the trendline and facing resistance at 2326.63 USD. The key support levels to watch are 2300.20 USD and 2286.78 USD. Traders should monitor the price action around these levels to confirm the continuation of the bearish trend and potential further decline
