XAU/USDT PERPETUAL: GOLD PAIRS LOSING THEIR SHINE AT THE TOP
The gold bulls just hit a massive wall and the rejection is looking sharp.
The 15m chart for $XAU shows a classic double-top formation near the 4,817 level. After an aggressive push up, the price failed to maintain momentum and is now carving out a steep downward slope. We are seeing a significant loss of steam as the price breaks below the immediate support levels.
Currently sitting at 4,809.36, the price has just sliced through the MA60 (4,811.20) like butter. This moving average, which was previously providing some support, has now flipped into a resistance zone. For any hope of a recovery, XAU needs to reclaim 4,812 quickly; otherwise, the slide looks set to continue.
The volume profile is showing a decrease in buying interest at these elevated levels, while the red candles are starting to dominate the recent 15-minute intervals. If the current support at 4,807 breaks, the next logical stop is a deeper correction toward the 4,780 range or the 24h low of 4,724.
Market participants seem to be de-risking after the recent pump, and the current price action suggests that the local top is likely in for now. Unless a major surge in volume comes in to save this, the trend is shifting toward a corrective phase.
Current market structure shows a clear breakdown of the short-term uptrend and a struggle to hold the 4,810 psychological level.
Short-term Outlook: Bearish
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