Hello Hive Traders! Here is my detailed technical analysis for XAU/USD (Gold) on the 1-Hour timeframe.
The market has been moving in a clear bearish structure, making lower highs and lower lows. Currently, price is consolidating near a crucial support area. Here is how I am looking to play both directions:
Key Technical Levels Marked:
Major Resistance Zone: 4,460 – 4,480
Immediate Resistance / Pullback Level: 4,380 – 4,400
Current Support Floor: 4,280 – 4,300
Trade Plan & Scenarios
Bearish Continuation (Sell Setup)
Scenario: If price retraces upward toward the 4,380 - 4,400 resistance area and shows rejection, I will look for a sell position.
Confirmation: Waiting for a lower timeframe (5m) CHOCH or BOS to confirm seller entry.
Target: Back down to the 4,280 support zone.