Gold (XAUUSD) Approaches Key Resistance Levels Amid Bearish Momentum

Market Analysis – January 30

XAUUSD is nearing key resistance levels while maintaining a bearish momentum. The Moving Average Convergence Divergence (MACD) indicator signals weakening bullish strength as the MACD line approaches a bearish crossover with the signal line. Additionally, the price remains slightly above the 9-day Simple Moving Average (SMA) at $2,750, indicating short-term support. However, a break below this level could confirm a continued bearish trend. The overall market setup calls for caution as momentum shifts against the bulls.

Gold Key Levels

Resistance Levels: $2,790, $2,880, $2,960
Support Levels: $2,580, $2,540, $2,470

Gold Long-Term Trend: Bearish

XAUUSD has faced rejection at the $2,790 supply zone, forming lower highs near this critical resistance. The ascending trendline connecting recent lows has remained intact, but the presence of a fair value gap (FVG) and order block at $2,760 is adding selling pressure.

If the price sustains a break below the SMA, it could move toward the major trendline. Should bearish momentum strengthen further, the price may drop beyond the trendline and the breaker block. Conversely, a bullish attempt would need to decisively break the breaker block at $2,650 for a potential reversal, with $2,880 as the next resistance target. Until then, the bearish outlook remains dominant.

Gold Short-Term Trend: Bearish

XAUUSD has reached a critical zone around $2,790 and faced rejection. A change of character (CHoCH) suggests a possible shift to the downside. The Fibonacci retracement level of 0.618 at $2,680 may act as the next support. A breakdown below $2,670 could lead to further declines toward $2,630 or $2,580.

With the bearish trend in focus, traders should monitor key levels closely, especially as forex signals and other market factors influence price movements.

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