Gold is currently trading within a rising wedge pattern on the 1-hour chart. The price recently touched the upper trendline of the wedge and faced a strong rejection, indicating bearish pressure. If the price breaks below the lower boundary of the wedge, it will likely trigger a sharp bearish move.
Key downside targets after a confirmed breakdown are:
3340
3300
3270
If Gold drops below 3270, the next significant support lies at 3250 on the daily chart. A daily close below 3250 will confirm a shift in the medium-term trend, opening the path toward the 3000 psychological level.
XAUUSD 
Key downside targets after a confirmed breakdown are:
3340
3300
3270
If Gold drops below 3270, the next significant support lies at 3250 on the daily chart. A daily close below 3250 will confirm a shift in the medium-term trend, opening the path toward the 3000 psychological level.
XAUUSD 
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.