XAUUSD

Apr 19

Hello Traders! 👋

What are your thoughts on Gold?

Gold is currently trading within a well-defined descending channel. After hitting the channel's lower boundary and finding strong support around the $4,000 level, we witnessed a relief bounce. However, the price is now approaching a critical "Decision Zone."
Technical Confluence:
* Descending Channel: Price is approaching the upper boundary of the descending channel
* Supply Zone: A major horizontal resistance zone sits between $4,900 - $5,100.
* Fibonacci Levels: The 0.618 Retracement levels align perfectly with this area.
* Rising Wedge: The recent recovery is forming a bearish Rising Wedge pattern.

We expect a price rejection upon reaching this confluence zone. As long as the price remains capped within this descending channel, the overall bias remains Bearish.
A decisive breakdown below the Rising Wedge (lower support line) will be the final confirmation that the relief rally has ended and the next bearish wave has begun.

Please don’t forget to like and share your thoughts in the comments! ❤️

Apr 21

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