XAUUSD H1 Technical Analysis: Gold Consolidates with a Bearish Bias
Hello everyone! Today i want to share some macro analysis with you!
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Technical Analysis: (XAUUSD) H1 Chart—The market has recently been consolidating at high levels, with the center of gravity shifting slightly downward! $Gold - main 2612(GCmain)$
After falling to around 4100, the price halted its continuous downward trend and shifted to a sideways consolidation at lower levels to form a bottom.
The current price, near 4150, is right around the midline of this bottoming consolidation range that has lasted for several weeks. In the short term, it is highly likely that the price will retest the bottom support near 4113–4120.
First Resistance Level: 4,152–4,155 (bull-bear dividing line, short-term weak resistance)
Second Resistance Level: 4,170–4,175 (strength-weakness pivot point / upper boundary of the trading range)
Third Major Resistance: 4190–4200 (trend reversal confirmation point / round number)
Before the European session, the price is expected to rebound briefly before continuing its downward consolidation; in terms of trading strategy, focus on sell positions in the short term!
Strategy: Sell: 4165–4168 TP: 4135–4130 SL: 4190
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