Gold Spot (XAU/USD) Bearish Continuation Outlook
Analysis Summary
Lower High (LH) and Weak High: The chart shows a lower high (LH) formation, suggesting that sellers are gaining control and pushing the price down from each attempt to rally. The weak high near 2,762 remains untested, which could be revisited if there is a strong reversal.
Supply Zones: Multiple red-shaded supply zones above the current price, especially around 2,750–2,754, indicate resistance areas where sellers have been active. These zones will likely act as barriers if the price retraces upwards, potentially providing opportunities for short entries.
Change of Character (CHoCH): A CHoCH was observed at a previous support level, reinforcing a potential bearish trend shift and the likelihood of a continuation downward.
Strong Low Support: The chart highlights a strong support level near 2,730, which may serve as a target if the bearish momentum continues. A break below this strong low could indicate further downside potential.
Potential Scenarios:
Bearish Continuation: Given the lower high and recent rejection from supply zones, the price is likely to continue its downward movement, aiming to test the strong low around 2,730. If this level is broken, it may accelerate the bearish move.
Short-Term Retracement: If there is a short-term bullish pullback, the price could retest one of the supply zones above (2,750–2,754) before resuming its downward trajectory. This retracement could provide a more favorable entry for sellers.
Lower High (LH) and Weak High: The chart shows a lower high (LH) formation, suggesting that sellers are gaining control and pushing the price down from each attempt to rally. The weak high near 2,762 remains untested, which could be revisited if there is a strong reversal.
Supply Zones: Multiple red-shaded supply zones above the current price, especially around 2,750–2,754, indicate resistance areas where sellers have been active. These zones will likely act as barriers if the price retraces upwards, potentially providing opportunities for short entries.
Change of Character (CHoCH): A CHoCH was observed at a previous support level, reinforcing a potential bearish trend shift and the likelihood of a continuation downward.
Strong Low Support: The chart highlights a strong support level near 2,730, which may serve as a target if the bearish momentum continues. A break below this strong low could indicate further downside potential.
Potential Scenarios:
Bearish Continuation: Given the lower high and recent rejection from supply zones, the price is likely to continue its downward movement, aiming to test the strong low around 2,730. If this level is broken, it may accelerate the bearish move.
Short-Term Retracement: If there is a short-term bullish pullback, the price could retest one of the supply zones above (2,750–2,754) before resuming its downward trajectory. This retracement could provide a more favorable entry for sellers.
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