XAU/USD Technical analysis

Source: Dukascopy Bank SA
XAU/USD price, currently consolidating near 4079.635, fails to hold the immediate support at 4055.50 and closes decisively below it on the 1-hour chart, it would signal a confirmation of short-term bearish control. This breakdown would likely trigger a wave of selling, as stop-loss orders below this level are hit, and would clear the way for a rapid decline toward the major psychological anchor.



The initial, and most significant, downside target would be the round number and strong historical support level of 4000.00. This level is a critical psychological threshold and has been a decisive point in recent price action; a sustained test of this area is highly probable following a break of 4055.50.
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