XAUUSD 1HOUR CHART TECHNICAL ANALYSIS NEXT MOVE POSSIBLE.

This chart represents a gold (XAU/USD) price analysis on the 1-hour timeframe using Elliott Wave Theory. Here's what it suggests:

Key Observations:

1. Elliott Wave Pattern

The chart marks a five-wave impulse pattern (1-5) followed by corrections (A-B-C).

Two strong upward impulsive waves are highlighted in blue channels.

Red circles indicate previous wave 5 peaks, followed by strong reversals.



2. Resistance & Reversal Expectation

The price is approaching a key resistance level at $2,955 (blue line).

Historically, after touching similar zones, price reversed sharply.

The black arrow suggests a potential rejection from resistance, leading to a drop below $2,900.




Conclusion:

If price reaches $2,955 and fails to break higher, a bearish move is expected.

Traders may look for sell opportunities if confirmation signs (e.g., rejections, bearish candles) appear.


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