XAUUSD Short: Tests Channel Resistance – Rejection in Focus

Jul 17

Hello traders! Here’s my technical outlook based on the current XAUUSD (2H) chart structure. XAUUSD previously broke below an ascending demand line, confirming a bearish shift. After consolidating inside a range, price rebounded from the 3,940 Demand Zone but remained inside a descending channel. The recovery stalled below the 4,040 Supply Zone and channel resistance.

Currently, XAUUSD is trading above the 3,940 Demand Zone while remaining below the 4,040 Supply Zone. The latest rejection from channel resistance suggests sellers remain in control.

As long as XAUUSD stays below the 4,040 Supply Zone and respects the descending channel, the bearish scenario remains valid. A rejection from current levels could push price toward the 3,940 Demand Zone (TP1). Manage your risk!

Jul 19

Trade active

So far we can see that the price is rising to a repeated retest of resistance where we are waiting for the reaction of sellers!