#GOLD_UPDATE
*Gold Extends Selloff on M1 Chart as RSI Hits Oversold Territory*
_XAU/USD 1-Minute Technical Analysis_
Gold is in freefall on the 1-minute chart, with price dropping from 4546 to 4502 in under an hour. Selling momentum is strong, and short-term traders are capitalizing on the move.
What the Chart Shows
- *Sharp Breakdown*: After rejecting the 4536 level, gold fell in a near-vertical drop to 4502.60. The selloff broke below 4520 and 4512 support levels with heavy volume.
- *Active Trades*: The chart shows two sell positions in profit – 0.01 lot at +$18.06 and 0.03 lot at +$29.40. A sell limit is placed at 4520.83 for the next leg down.
- *Oversold Signal*: RSI (14) has dropped to 21.64, deep into oversold territory, suggesting a short-term bounce is possible.
Key Levels to Watch
- *Immediate Support*: 4502.60 – current price. A break below could open 4497 and lower.
- *Resistance*: 4512.57 and 4520.83 – these are now supply zones. 4536.41 remains the swing high and stop loss level marked as "SL".
- *Moving Averages*: Price is far below the dotted moving averages, confirming bearish structure on the M1 timeframe.
Bottom Line
Gold is in a strong short-term downtrend. While RSI suggests a bounce could come soon, momentum favors sellers as long as price stays below 4520. A reclaim of 4520 would be needed to shift bias neutral.
*Gold Extends Selloff on M1 Chart as RSI Hits Oversold Territory*
_XAU/USD 1-Minute Technical Analysis_
Gold is in freefall on the 1-minute chart, with price dropping from 4546 to 4502 in under an hour. Selling momentum is strong, and short-term traders are capitalizing on the move.
What the Chart Shows
- *Sharp Breakdown*: After rejecting the 4536 level, gold fell in a near-vertical drop to 4502.60. The selloff broke below 4520 and 4512 support levels with heavy volume.
- *Active Trades*: The chart shows two sell positions in profit – 0.01 lot at +$18.06 and 0.03 lot at +$29.40. A sell limit is placed at 4520.83 for the next leg down.
- *Oversold Signal*: RSI (14) has dropped to 21.64, deep into oversold territory, suggesting a short-term bounce is possible.
Key Levels to Watch
- *Immediate Support*: 4502.60 – current price. A break below could open 4497 and lower.
- *Resistance*: 4512.57 and 4520.83 – these are now supply zones. 4536.41 remains the swing high and stop loss level marked as "SL".
- *Moving Averages*: Price is far below the dotted moving averages, confirming bearish structure on the M1 timeframe.
Bottom Line
Gold is in a strong short-term downtrend. While RSI suggests a bounce could come soon, momentum favors sellers as long as price stays below 4520. A reclaim of 4520 would be needed to shift bias neutral.