Gold at $4,366 Support — Does the Downtrend Extend or Bounce? | XAUUSD May 28

Hi, I'm Daniel, an 8-year pro prop trader, welcoming beginners. Running an FX community focused on profitable trading. For more details, check the description box below this video.

Today we'll cover gold technical analysis for the community I'll be sharing some insights from our Trading Lab community as well. Here we have the 1-hour chart, starting with the short-term view. As you can see, we've had a clean downtrend continuing since yesterday.

Avoid the temptation to enter any counter-trend longs here. This is a clean, textbook downtrend, so today we continue with a bearish bias. So that will be our directional bias for today's gold analysis.

We'll also go into a detailed breakdown of the cooling areas. Let me start with gold — there are two key points on the cooling chart. The first is a horizontal range centered on this support line breaking downward — will it break out or hold or whether price can break out below that key support level there's also a much larger horizontal range sitting just above this zone there is a two-candle horizontal range acting as the key reference zone I believe I also touched on whether that move was possible The previous day showed a long lower wick inside bar This candle has confirmed, ultimately breaking down below the doji line here.

Currently the price is still unconfirmed, with time remaining on this candle. We are seeing confirmed follow-through to the downside here. So today we also have this larger range low to watch.

whether price can break below this level is the key focus. The current candle body near the entry line is what we need to watch closely. If we get a clean breakout with volume holding above that level, naturally it cools.

Looking at the bigger picture, even from a bearish perspective, a bounce around this level is about the most we can expect. There's no clear support level here, it's too far down. So in the short term, this downward pressure on the market is likely to continue.

So I'd like to walk you through this once more as a reminder. The key question is whether price can break below this support level. Now let's move on and take a look at the one-hour chart for further detail.

Yesterday, Daniel covered four key points for Trading Lab members. The full breakdown is exclusive content for Trading Lab members. So I can't share details, but I'll briefly cover the key points.

First, let's look at the current market conditions simply and clearly. The low is being updated downward, confirming a clear downtrend in progress. The downtrend is clearly continuing, so we stay fully bearish here.

Looking at the current chart, this downtrend is clear and well-defined across all timeframes. However, looking at yesterday's price action and the most recent movements, there are some key shifts to note. indicating a high likelihood of a trend shift or corrective phase ahead.

For Trading Lab members, Daniel covered the finer details in depth. What Daniel means is this point marks yesterday's live stream. So look at each rejection and its price action at the red lines.

Recently the bullish momentum has been building up quite strongly here. So a temporary corrective pullback is looking quite likely from here. The third point is a recap of the previous day's price action and key focus areas.

London session formed a strong buy setup, then reversed lower. Strong uptrend momentum with reversal signal patterns forming at new highs. I explained how to trade effectively with the trend direction.

This is a key concept for boosting win rate and keeping risk reward high. Finally, let's cover reversal signal concepts within active trends. I covered this in detail for our Trading Lab members.

As long as the downtrend continues, our bias stays firmly bearish going into the prior day. But if early signs of a reversal appear, we need to stay alert. Looking back at yesterday's price action, here is a recap of how the market actually played out.

Looking at the post-stream swing high as our starting point, let's trace this price move right here. this move played out exactly as explained in Trading Lab from this swing high, just before the New York session, into the London session open counting down to the low made heading into the close, that drop measured out to 97 dollars that drop came in at 972 pips on the VIPS measurement scale I'd like you to keep a close eye on how things develop after this.

The two candles formed at the London session close set our horizontal range. After that, price ground slowly higher, building a gradual uptrend. In today's Tokyo session open, price broke downward within 2 hours.

But a corrective phase did emerge, fitting the scenario perfectly. So that's exactly how yesterday's broadcast played out as expected. That covers today's content, but for Trading Lab members I've done a detailed follow-up breakdown of how the session played out after entry.

In a strong trend, this is the golden rule for trading with momentum. I've covered the key ideas behind trend-following trades. There are a few chart objects here, just like on the previous day's setup. Today's analysis confirms the downtrend is still continuing. So the bearish bias remains our outlook for gold today.