Gold (XAU/USD) 2H Analysis – Bearish Breakout Towards Support

11 Mac

This is a technical analysis chart for Gold CFDs (XAU/USD) on a 2-hour timeframe from TradingView.

Key Observations:
Price Action & Structure:

The price is currently trading at $2,908.660.
It has recently broken below a consolidation zone (marked by the red rectangle).
The market is forming a bearish structure, suggesting potential further downside.
Support & Resistance Levels:

Resistance: Around $2,920.264, marked by the red zone.
Support: Around $2,886.513 - $2,880.449, marked by the green zone.
Indicators & Volume:

The VStop (Volatility Stop) is around $2,886.513, which aligns with a key support zone.
Volume is at 66.02K, suggesting moderate trading activity.
Trade Setup & Prediction:

Bearish Bias: The price is expected to continue dropping toward the $2,886.513 - $2,880.449 support range.
Potential Entry: A short trade could be taken around the current price, targeting the $2,880 level.
Stop Loss: Above $2,920 to manage risk.
Conclusion:
The market shows bearish momentum with a potential short trade opportunity targeting the $2,880 zone.
If the price fails to break below $2,886, a reversal or consolidation may occur.

11 Mac

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Updated Trading Plan for Gold (XAU/USD) 2H Chart
Current Price: $2,909.970
Resistance Level: $2,920.264
Support Zone: $2,887.759 - $2,880.449
Trend: Bearish breakout from consolidation
Take Profit Levels: