XAU/USD, Possible Down Trend, Resistance at 2.72k & 2.78k

XAU/USDE, Possible Down Trend, Resistance at 2.72k & 2.78k.

1. Price Trend:
• A descending channel is evident, indicating a short-term bearish trend.
• The price is near the upper boundary of the channel, facing resistance.
2. Highlighted Area (Target Buy Range):
• A specific zone is marked between 2,470 and 2,530, suggested as the ideal buying range. This is where the price is expected to retrace to a stronger support level.
3. Volume Profile:
• The horizontal volume bars on the right show significant activity concentrated around the 2,500 level, indicating strong support in this range.
4. Key Moving Averages MA199:
• A long-term upward trendline is still intact, hinting that the broader trend remains bullish despite the current correction.
• The chart shows convergence near potential bounce levels (2,500 zone).

Best Buying Target:
• The ideal buying range is 2,470 to 2,530, as marked on the chart. This zone aligns with:
• The lower end of the volume profile.
• The intersection of support levels and the trendline.

This range provides a lower-risk entry for a potential rebound.