Bearish Channel Development and Key Support Zone Test

1. Technical Overview (15m timeframe):
Gold (XAUUSD) is currently trading around 3,342.80, showing signs of continued downward momentum after forming a bearish reversal pattern from the 3,404–3,410 USD resistance area. The price action has now developed into a clear descending channel, with lower highs and lower lows forming in a structured manner.


2. Key Price Levels to Watch:
Immediate Support Zone:
🔹 3,335 – 3,330 USD – This zone aligns with previous structure and the lower bound of the descending channel. A break below this area could accelerate selling pressure toward deeper Fibonacci zones.
Next Major Support (Medium-term):
🔹 3,310 USD – A critical zone where price reacted strongly during the last pullback. A breakdown here would shift sentiment fully bearish in the short-term.

Resistance Levels:
🔹 3,358 – 3,360 USD: Minor intraday resistance near the upper bound of the descending channel.
🔹 3,375 USD: EMA21 and previous structure level.
🔹 3,404 – 3,410 USD: Major confluence resistance from recent highs.

3. Price Action and Indicators:
Descending Channel: Price is respecting the upper and lower trendlines of the bearish channel. No bullish breakout signal confirmed.
Volume: Decreasing on the bounce, rising on the decline – a bearish volume structure.
RSI: Near oversold (not shown, but implied from price exhaustion), could suggest a bounce, but no divergence confirmation yet.
EMA Trend: EMA21 and EMA50 (not shown but assumed from price slope) are likely crossing downward on higher timeframes, reinforcing bearish pressure.

4. Strategy Suggestion – Scenarios for Intraday Traders:
🔻 Scenario A – Continuation Short (Sell on Retracement)
Entry: Around 3,358–3,360 (upper bound of descending channel).
SL: Above 3,365.
TP1: 3,335
TP2: 3,310
Confirmation: Look for bearish engulfing or pin bar rejections on the 5m–15m timeframe.
🔺 Scenario B – Countertrend Long (Bounce from Channel Base)
Entry: Near 3,330–3,335 (support zone).
SL: Below 3,325.
TP1: 3,350
TP2: 3,360
Note: This is a riskier trade and should only be taken with bullish reversal confirmation (hammer, bullish divergence on RSI, or break of structure on LTF).

5. Summary:
Gold is currently in a short-term bearish correction, respecting a well-defined descending channel. Price is approaching a critical support zone (3,330–3,335), where a potential intraday bounce may occur, but trend remains bearish unless a clear break