XAUUSD Bearish Channel Holds as Price Targets 4,390 Support

Hello traders! Here’s my technical outlook based on the current XAUUSD (2H) chart structure. Gold previously traded inside a range before breaking out to the upside, but quickly reversed after forming a local top, signaling a shift in momentum. After the reversal, price entered a descending channel, forming consistent lower highs and lower lows while respecting both the resistance and support boundaries. Currently, XAUUSD broke below the 4,580 resistance (seller zone), which now acts as resistance, and is trading near the 4,480 support (buyer zone), where price recently showed a weak bounce. As long as price remains below 4,580 and inside the descending channel, the bearish bias remains valid. A rejection from this zone could push gold toward the 4,390 support (TP1), which is the main downside target. Please share this idea with your friends and click Boost 🚀