Gold 1hour chart technical analysis next move possible.

This chart is a technical analysis of Gold (XAU/USD) on the 1-hour timeframe, predicting potential price movements. Here’s what it indicates:

1. Previous Uptrend:

Gold was moving inside an ascending channel (blue and red zone).

Price bounced from the support level around $2,950 and continued rising.



2. Key Resistance Zone:

The yellow highlighted area represents a strong resistance where the price is struggling to break higher.

A "high buy possible" signal suggests that if gold breaks above this resistance, it could continue higher.



3. Potential Downside Movement:

The orange circle suggests a possible reversal pattern.

If gold fails to break resistance, a sell-off towards $2,980 and $2,950 is possible.

The blue arrows show a potential bearish move if price rejects the resistance.




Conclusion:

If price breaks above resistance, gold might continue upwards.

If price fails to break, a correction towards $2,950 - $2,980 is likely.


This analysis suggests watching for price action at resistance before making a trade. Let me know if you need a deeper breakdown!