XAUUSD Technical Analysis 17th February 2025 1h chart

XAUUSD Technical Analysis 17th February 2025 1h chart
– Previous Weekly candle closed weak Bullish at 2882.000 leaving a huge rejection to the upside. Friday Daily candle closed strong Bearish forming Daily Resistance at 2927.600 rejecting the all time highs.

– I’ll be looking for potential Buys above 2888.000 targeting previous Daily Support formed at 2897.500 Leaving Runners to the previous 4h Support formed at 2908.000.


– I’ll be looking for potential Sells below 2877.000 targeting previous 4h Support formed at 2869.000 Leaving Runners to the Hourly Strong Support formed on 7th February 2025 around 2859.500.


– The higher timeframe shows a huge retracement, with the weekly candle closing below a major key level below 2900s. Will this signal further downside, or is a reversal on the horizon?