Gold (XAU/USD) has confirmed a breakdown from a descending triangle on the 1-hour chart — a classic bearish continuation pattern. After multiple rejections from the upper trendline, price broke decisively below support, indicating strong selling pressure.
This move opens the door for a potential drop toward the next key demand zone around $3,185 – $3,190, which aligns with previous structure support. The momentum remains bearish, and sellers appear to be in control.
Trade Setup:
• Entry: $3,240 (after confirmation of breakdown)
• Stop Loss: $3,260 (above triangle resistance)
• Target: $3,185 – $3,190
• Risk-Reward Ratio: Approx. 1:2.5
Outlook:
As long as price remains below the broken trendline, bearish continuation remains the favored scenario. A retest of the breakdown zone may offer another short opportunity.
This move opens the door for a potential drop toward the next key demand zone around $3,185 – $3,190, which aligns with previous structure support. The momentum remains bearish, and sellers appear to be in control.
Trade Setup:
• Entry: $3,240 (after confirmation of breakdown)
• Stop Loss: $3,260 (above triangle resistance)
• Target: $3,185 – $3,190
• Risk-Reward Ratio: Approx. 1:2.5
Outlook:
As long as price remains below the broken trendline, bearish continuation remains the favored scenario. A retest of the breakdown zone may offer another short opportunity.
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.
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.