Gold( XAUUSD ) is currently trading near the Resistance Zone, the Potential Reversal Zone(PRZ), and the upper trendline of the Descending Channel.

These overlapping technical barriers could become an important reversal area for the price.

Can gold break above the Descending Channel, or is another bearish move approaching?

Technical Analysis

From an Elliott Wave perspective, gold appears to be completing Wave B, with its corrective structure developing as a Double Three Correction(WXY).

💡 Educational Note: Wave B is often deceptive because it can temporarily appear to be the beginning of a new trend before the broader correction resumes.

I expect gold to begin a bearish move from the Potential Reversal Zone(PRZ) and decline at least toward $4,056. If bearish momentum increases, the price could extend its decline toward $4,043.

Trade Setup

First Take Profit(TP): $4,056

Second Take Profit(TP): $4,043

Stop Loss(SL): $4,118

Key Trading Levels: $4,030 _ $4,067 _ $4,050

Note: One of the factors supporting gold’s recent rise was the possibility of an agreement between Iran and the U.S., alongside easing tensions in the Middle East.

Do you think gold can break above the Descending Channel?

🟢 Yes

🔴 No

📌 Gold Analysis(XAUUSD), 1-hour time frame.

🛑 Always use proper risk management and set a Stop Loss(SL) for every position.

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