MY analysis on Gold in 1H chart its again downwords

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gold xauusd is in downword we can take sell positions for some time as it almost touches the EMA200 and again going downwords .
Key Observations:
Downtrend Channel Breakout:

The price was previously in a descending channel (marked in blue).
A breakout to the upside occurred, signaling a potential reversal or retracement.
200 EMA Resistance (Blue Line at ~2897):

The price approached the 200 EMA, which is a strong dynamic resistance.
The rejection at this level (highlighted by the red arrow) suggests selling pressure.
Bearish Rejection (Yellow Circle & Red Arrow):

A wick at the 200 EMA shows that buyers attempted to push higher but faced resistance.
This could be a sign of a potential trend continuation to the downside.
Potential Downside Target (Blue & Red Zones):

A short-term support zone is marked in blue, where price might retest.
A larger support block (red zone) indicates a deeper pullback if bearish momentum continues.
Volume Increasing:

Volume is rising, which could indicate stronger price action, whether continuation or reversal.
Possible Trading Scenarios:
Bearish Case (Most Likely):

If price continues to reject the 200 EMA, it could drop toward the red support zone (~2,860-2,870).
A break below this level could lead to further downside.
Bullish Case (Less Likely):

If price reclaims the 200 EMA and holds above it, it could target the next resistance zone (~2,920).
Conclusion:
Bias: Bearish below 200 EMA unless price breaks above.
Potential Trade: Watch for a retest of the blue zone for a possible short entry targeting the red support block.
Would you like an entry/exit plan based on this setup?

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تم فتح الصفقة

sell entry from 2884

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ملاحظة

📈 gold Trade Update 📈

✅ sell Entry: 2884
🎯 Take Profit: 2880.,60 pips✅ (Successfully Reached!)
profit running start

قبل ٨ ساعات

ملاحظة

📈 gold Trade Update 📈

✅ sell Entry: 2884
🎯 Take Profit: 2877.,90 pips✅ (Successfully Reached!)
profit running start