Mobarok Hossain
April 25, 2024
Spot Gold (XAU/USD) has validated a bearish continuation following its rejection from the **4,215.00** double top (DT) and Quasimodo supply zone. Price has breached the lower trendline of the rising wedge pattern on the 1-hour timeframe, clearing local Market Structure Shift (MSS) levels and targeting macro higher-timeframe correction zones.
### **Key Technical Levels**
* **First Target / Support:** **4,140.00** (H4 50% Fibonacci Retracement)
* **Major Key Support:** **4,125.00** (H4 61.8% Fibonacci Retracement)
* **Structural Invalidation / Pivot:** **4,170.00** (Previous breakdown point)
* **Primary Resistance:** **4,196.00 – 4,215.00** (QML / Double Top Zone)
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### **Market Outlook & Strategy**
1. **Bearish Continuation:** With the rising wedge trendline failing to support price, short-term order flow remains heavily tilted to the downside toward **4,140.00**.
2. **Reaction Zones:** The area between **4,140.00** (50% Fib) and **4,125.00** (61.8% Fib) represents a high-confluence demand area where institutional buyers may step in for a counter-trend or continuation move.
3. **Execution Caution:** Short positions should secure partial profits at intermediate levels while trailing stops behind lower-high structure.
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*Disclaimer: This analysis is provided for educational purposes only and does not constitute financial advice.*
