XAU/USD Daily Technical Analysis: Testing Major Descending Channel Support

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Source: Dukascopy Bank SA
The structural setup on the daily XAU/USD chart shows a well-defined Descending Channel, with price consistently printing lower highs and lower lows. The trend remains firmly under bearish control as price trades beneath the 60-day Simple Moving Average (SMA 60), which has transitioned into a rigid layer of dynamic resistance capping any relief rallies. Currently, the market has carved its way down to a major confluence of support around the 3935.00 horizontal floor and the lower channel boundary.



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