2.5 Spot Gold (XAU/USD) Afternoon Viewpoint

Spot gold formed a double top and head-and-shoulders composite structure after rising above 5100, then broke through a key support level, triggering a CHOCH structural transition signal.

The 30-minute chart is in a clear downward channel, with rebound highs gradually decreasing and lows continually moving down, presenting a continuation pattern of the downward trend.

On the 1-hour chart, a head-and-shoulders right shoulder formed near 5060, then broke below the neckline at 4900, completing the CHOCH and establishing a medium-term bearish trend.

The current price is oscillating below the neckline, in the phase of confirming a pullback after the breakout. The price is in a downward channel after the breakout, and short-term rebounds are likely to be technical corrections.

Trading suggestion: Sell at 4940-4930 range, target 4900, 4840, 4800.