"XAU/USD Bearish Breakdown: Rising Wedge Signals Potential Decli
This chart represents the XAU/USD (Gold Spot vs. US Dollar) price movement on a 1-hour timeframe.
Technical Analysis
Ascending Channel (Blue Lines)
The price has been moving within an ascending channel, indicating an overall bullish trend.
However, a breakdown of the lower trendline could signal a shift in momentum.
Bearish Rising Wedge (Red Lines)
A rising wedge pattern has formed, which is typically a bearish reversal pattern.
The price has broken below the wedge’s support, signaling a potential downward move.
Conclusion
Bearish Bias: The breakdown of the rising wedge suggests a bearish move.
Potential Downside Targets: $2,920 and $2,910 levels.
Invalidation of Bearish Outlook: If the price reclaims and sustains above the resistance zone (~$2,940+), the bearish scenario would be invalidated.
Technical Analysis
Ascending Channel (Blue Lines)
The price has been moving within an ascending channel, indicating an overall bullish trend.
However, a breakdown of the lower trendline could signal a shift in momentum.
Bearish Rising Wedge (Red Lines)
A rising wedge pattern has formed, which is typically a bearish reversal pattern.
The price has broken below the wedge’s support, signaling a potential downward move.
Conclusion
Bearish Bias: The breakdown of the rising wedge suggests a bearish move.
Potential Downside Targets: $2,920 and $2,910 levels.
Invalidation of Bearish Outlook: If the price reclaims and sustains above the resistance zone (~$2,940+), the bearish scenario would be invalidated.
Dagangan ditutup: sasaran tercapai
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Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.