Gold Technical Analysis
Gold OANDA:XAUUSD
🔹 Price Structure:
Price is in a short-term downtrend channel.
Currently trading at $3,336, heading towards a major support zone around $3,315–$3,310.
RSI at 36.6 is nearing oversold territory – indicating downside momentum slowing.
🔹 Key Zones:
Support: $3,315 (major support with bounce potential)
Resistance: $3,380 (target if support holds)
Breakdown target: $3,290 (if major support breaks)
🔹 Price Action Possibilities:
🔁 Bounce Scenario: Price touches major support, RSI bounces, and price rallies back to $3,380 (drawn with the up arrow).
🔻 Breakdown Scenario: Price fails to hold support and drops toward $3,290 (red arrow path).
source https://www.tradingview.com/chart/XAUUSD/gkj40zYf-Gold-Technical-Analysis/
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