Bearish XAUUSD Technical Setup
Key Questions
What is the current price action and key levels for XAUUSD?
XAUUSD is hovering choppily between $4640-4700. Key supports include 4620, 4550, 4546, 4661, and 4689-4704, while resistances are at 4700, 4720, 4774, 4814-4832, and 4850.
What technical signals indicate a bearish setup for XAUUSD?
The H4 chart shows order block formation, lower lows, and MACD sell signals. There has been a channel rejection at 4800, with a wedge pattern risking a drop to 4300.
What should traders watch for in XAUUSD, considering recent events?
Monitor DXY breaks for intraday trades; a bullish scenario persists if 4640 holds with higher lows. Recent US-Iran ceasefire drove gold to near $4850/oz and stalled at $4900 resistance with bear signals flashing.
Choppy $4640-4700 hover; supports 4620/4550/4546/4661/4689-4704, resists 4700/4720/4774/4814-4832/4850; H4 OB/lower lows/MACD sell signals, channel reject 4800/wedge risk 4300 but higher lows bull if 4640 holds. Watch DXY breaks for intraday trades.