Gold Outlook: Rounding Top Reaction Could Drive Price Lower

Sep 9

Hello traders! Here’s my technical outlook based on the current XAUUSD (1H) chart structure. XAUUSD previously broke higher from a range and formed a Rounding Top near the highs, where sellers rejected the upside and price started to decline. Price then broke lower, tested the Buyer Zone, and is now trading below the 4,440 Seller Zone while holding above the 4,310 Support Level. Currently, the Rounding Top and descending Resistance Line suggest that a short-term bearish continuation may develop toward the 4,310 Buyer Zone. As long as XAUUSD remains below the 4,440 Seller Zone and fails to break above recent highs, the bearish scenario remains valid. A continuation lower could push price toward the 4,310 Support Level (TP1). However, a strong breakout and close above the Seller Zone would weaken the bearish outlook and increase the possibility of further upside. Please share this idea with your friends and click "Boost" 🚀

Sep 10

Trade active

Today we see that the price has tried to retest the resistance. However, the sellers rejected this move. Now the price has returned to its original values!

Sep 11

Trade closed: target reached

As we can see, we have some news regarding gold. After an attempt to retest the resistance, the price did indeed fall to the support level I had identified. So, congratulations!