Gold Breakout and Retest in Play"
This chart shows **gold's (XAU/USD)** price action on the **2-hour timeframe** with some key elements:
XAUUSD
1. **Break of Structure (BoS) and Change of Character (ChoCh):**
- Upward trendlines marked multiple BoS points, indicating higher highs and higher lows during the uptrend.
- A significant **ChoCh** occurred after the upward trendline broke, suggesting a potential shift to a bearish trend.
2. **Breakout Zone:**
- The price broke below a key support area (gray box) and is now testing it as a resistance. This retest aligns with classic breakout-and-retest strategies.
3. **Projection:**
- The chart suggests a bearish move as the retest is expected to hold. The blue arrow projects a potential decline in price, with targets likely around **$2,650** or lower.
**Summary:**
This setup indicates a bearish sentiment. If the price fails to break above the resistance zone during the retest, it could confirm the downward move. Key levels to watch are the resistance zone around $2,670–$2,680 and potential targets around $2,650 and below.
XAUUSD 1. **Break of Structure (BoS) and Change of Character (ChoCh):**
- Upward trendlines marked multiple BoS points, indicating higher highs and higher lows during the uptrend.
- A significant **ChoCh** occurred after the upward trendline broke, suggesting a potential shift to a bearish trend.
2. **Breakout Zone:**
- The price broke below a key support area (gray box) and is now testing it as a resistance. This retest aligns with classic breakout-and-retest strategies.
3. **Projection:**
- The chart suggests a bearish move as the retest is expected to hold. The blue arrow projects a potential decline in price, with targets likely around **$2,650** or lower.
**Summary:**
This setup indicates a bearish sentiment. If the price fails to break above the resistance zone during the retest, it could confirm the downward move. Key levels to watch are the resistance zone around $2,670–$2,680 and potential targets around $2,650 and below.
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