FX.co ★ SqlainFX | GOLD,XAUUSD ANALYSIS

XAUUSD H2 Technical Analysis: Bearish Structure, Price Testing 4043 Support XAUUSD is trading at 4043.15 on the 2-hour chart. The H2 timeframe shows a strong bearish move with price dropping from 4166.41 to test 4043.15. Two grey supply zones sit overhead at 4110.66-4132.96 and 4088.36-4099.51, both marked by red arrows pointing down. Sellers have been in control since the rejection at 4166.41, printing lower highs and lower lows. Price is now consolidating at 4043.15 after a wick down to 4032.61. The bias remains bearish while below 4088.36. A 2-hour close below 4032.61 opens the door for 4010.31, while a reclaim of 4088.36 would be needed for bulls to even think about a bounce. *Key Resistance: Grey Supply Zones 4088.36-4099.51 and 4110.66-4132.96* The first resistance is the grey zone between 4088.36 and 4099.51. This area acted as support before the big drop and is now expected to act as supply on any pullback, as shown by the lower red arrow. Above it, the stronger supply sits between 4110.66 and 4132.96. This zone capped the last rally attempt and produced the sharp selloff that followed. The upper red arrow highlights it as the main area for sellers to defend. A 2-hour close above 4132.96 would be required to flip the bias bullish and target 4144.11. Until then, any rally into 4088.36-4132.96 should be sold with the trend. *Key Support: 4043.15 Pivot and 4032.61 Swing Low* Price is currently holding at 4043.15 after testing 4032.61. This level is the last line of defense before the next major drop. Below 4032.61, there is very little support until 4010.31 and then 3999.16. The fact that buyers defended 4032.61 with a long wick shows some demand is present, but the overall structure is weak. A 2-hour close below 4032.61 confirms continuation of the downtrend and likely targets 4010.31 next. For bulls to stabilize, we need to see a reclaim of 4054.91 and then a push back toward 4088.36. *OUTLOOK: Bearish While Below 4088.36* The H2 bias for XAUUSD is bearish. Structure is clean with a breakdown through multiple levels and no sign of reversal yet. Price is trading well below both supply zones and making fresh lows. *Resistance*: 4054.91, then 4066.06, then 4077.21, then supply at 4088.36-4099.51, then 4110.66-4132.96 *Support*: 4043.15, then 4032.61, then 4021.46, then 4010.31 For bears to extend, we need a 2-hour close below 4032.61. For bulls to gain any traction, a close above 4088.36 is required to break the supply. Until one of those happens, expect XAUUSD to remain under pressure with downside risk toward 4010.31.