This chart is a technical analysis of Gold (CFDs on Gold, 1-hour timeframe) showing a potential breakout setup. Here’s a breakdown of what’s going on:
Chart Pattern
Ascending Triangle: Formed by:
A horizontal resistance at around $3,235.
An ascending trendline (marked by three orange circles) indicating higher lows.
Current Price Action
Price is consolidating just below the resistance, with a recent rejection, but higher lows suggest bullish pressure.
There's an Ichimoku Cloud also visible, currently bullish (price above cloud).
Possible Scenario
Breakout Expected:
If price breaks above $3,235, a bullish breakout could occur.
The target is marked at $3,282, based on the height of the triangle.
Key Levels
Resistance (Breakout Level): ~$3,235
Support (Trendline): Rising, currently around ~$3,223
Target after Breakout: ~$3,282
Stop-loss (Potential): Below the trendline, e.g., ~$3,216 or lower.
Conclusion
This is a bullish setup forming an ascending triangle. Traders might wait for a confirmed breakout above $3,235 with volume for long positions, targeting $3,282.
Would you like me to mark entry, stop loss, and take profit levels on this chart image?
Chart Pattern
Ascending Triangle: Formed by:
A horizontal resistance at around $3,235.
An ascending trendline (marked by three orange circles) indicating higher lows.
Current Price Action
Price is consolidating just below the resistance, with a recent rejection, but higher lows suggest bullish pressure.
There's an Ichimoku Cloud also visible, currently bullish (price above cloud).
Possible Scenario
Breakout Expected:
If price breaks above $3,235, a bullish breakout could occur.
The target is marked at $3,282, based on the height of the triangle.
Key Levels
Resistance (Breakout Level): ~$3,235
Support (Trendline): Rising, currently around ~$3,223
Target after Breakout: ~$3,282
Stop-loss (Potential): Below the trendline, e.g., ~$3,216 or lower.
Conclusion
This is a bullish setup forming an ascending triangle. Traders might wait for a confirmed breakout above $3,235 with volume for long positions, targeting $3,282.
Would you like me to mark entry, stop loss, and take profit levels on this chart image?
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✅JOIN FREE TELEGRAM
✅t.me/+atTT3a4htZ8yZjQ0
✅DAILY 3-4 SIGNALS
✅ALL PAIRS CRYPTO & GOLD
✅t.me/+atTT3a4htZ8yZjQ0
✅DAILY 3-4 SIGNALS
✅ALL PAIRS CRYPTO & GOLD
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.