Gold Analysis: Bearish Reversal Looms After Supply Zone
Gold OANDA:XAUUSD
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let's dive into #xauusd #gold analysis!
Supply and Demand Zone: The price recently touched the highlighted supply and demand (S&D) zone around $2,640-$2,650, showing resistance in that area.
Trend Channel: The price is moving within an ascending channel, with higher highs and higher lows. However, the current trend shows signs of potential exhaustion.
Projected Movement: After touching the S&D zone, the price began to decline. The chart suggests a potential retest of the midline of the channel before continuing downwards.
Bearish Outlook: If the price breaks below the lower channel line, a significant drop toward the $2,578 level is possible, indicating a bearish continuation.
source https://www.tradingview.com/chart/XAUUSD/gcLATJsg-Gold-Analysis-Bearish-Reversal-Looms-After-Supply-Zone/
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