Price rejects the 3,660 resistance → correction toward 3,560 → 3

XAU/USD Chart Analysis (H1 timeframe)

Here’s the English version of the breakdown:

1. Main Trend

Gold has been in a strong uptrend, moving from the 3,330 → 3,660 USD zone.

The red trendlines form a steep ascending channel.

However, around the 3,660 resistance level, price shows signs of stalling.

2. Chart Pattern

A Rising Wedge pattern can be identified.

This is typically a bearish reversal signal once price breaks below the lower trendline.

The blue arrows highlight a potential move: strong push up → rejection → pullback to retest support.

3. Fibonacci Retracement

Key retracement levels:

0.236 ≈ 3,360

0.382 ≈ 3,420

0.5 ≈ 3,480

0.618 ≈ 3,520

0.786 ≈ 3,560

Currently, price is testing the 0.786 zone (3,560–3,580). A break lower could trigger a deeper correction.

4. Short-Term Scenarios

Scenario 1 (preferred): Price rejects the 3,660 resistance → correction toward 3,560 → 3,520 → 3,480.

Scenario 2 (less likely): If price breaks above 3,660 with strong volume, it may extend toward 3,700.

5. Trading Strategy (for reference)

Short entries: 3,640–3,660

Stop Loss: above 3,680

Take Profit: 3,560 → 3,520 → 3,480

Long entries: Only if price sustains above the trendline and breaks 3,660 with strong bullish momentum.

👉 Summary: Gold is facing heavy resistance at 3,660. The broader trend is still bullish, but short-term signals suggest a potential pullback toward the 0.618–0.5 Fibonacci zones (3,520–3,480).