Gold (XAUUSD) Analysis
Gold is trading inside a descending channel, confirming a sustained bearish trend with clear lower highs and lower lows.
The price is currently testing the upper boundary of the channel, aligned with a horizontal resistance zone, creating strong confluence for a potential rejection.
The Stochastic oscillator is turning down from the overbought zone, signaling increasing selling pressure.
We are considering selling XAUUSD on rejection from 4615–4620;
Target 1: 4510
Target 2: 4480
A confirmed breakout above the channel resistance would invalidate the bearish setup
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