📊 Gold (XAUUSD) H1 Chart Analysis – June 23 🟡 What the chart shows: Gold reached a peak around $3455 on June 13, then began a clear downtrend. You’ve correctly plotted Fibonacci from the high to the recent low; current price is hovering around $3363, just below the 23.6% retracement level. For days, price has been ranging sideways, with multiple failed attempts to break above the 38.2% level (around $3382). Today (June 23), the market opened with a sudden spike, briefly breaking above $3382, but quickly dropped back down — a classic fake breakout. 🔎 Why did gold spike up at open… and then crash just as fast? ✅ Possible reasons: 1️⃣ The spike likely came from weekend headlines or emotional trades Sharp moves at early Monday/Asian sessions are often driven by traders reacting to weekend geopolitical headlines (e.g., war fears in the Middle East or Ukraine). Traders "buy the fear" on open, expecting more upside — but there’s no follow-through. Smart money (institutions) fades the move, and price collapses. 2️⃣ Technical resistance at $3382 (Fibonacci 38.2%) did its job This level has rejected price multiple times. The brief breakout was likely a liquidity trap — where late buyers get caught and sold into. 3️⃣ No follow-up fundamental support If news headlines don’t evolve into real macro escalation, the rally fades. A strong dollar or steady bond yields may also cap gold upside in the short term. 📉 What now? Price outlook going forward: If gold fails to reclaim $3382, this remains a correction within a broader pullback. Support zones: $3350 and $3334 (Fibo 0.0). If bulls manage to break and hold above $3382, next resistance zones are $3395 and $3407 (50–61.8% retracement). ⚠️ Be patient. Let the market prove itself before entering aggressively.