This chart is a technical analysis of the gold price (CFDs on Gold in USD per ounce) on the 45-minute timeframe. Here's a breakdown of the key details:
Chart Pattern:
Ascending Channel: Price has been moving within a well-defined ascending channel, indicated by the two parallel blue lines.
Bearish Breakdown Setup: The price is currently near the upper boundary (resistance) of the channel and has started to decline, indicating a potential breakout to the downside.
Highlighted Zones:
Resistance Zone (Yellow near 3,422): This is where price has struggled to go higher, marked as the top of the channel.
Support Zone (Yellow near 3,163): Marked as the lower target, this is a previous area of strong buying interest.
Trade Setup:
Entry Zone: Around the current price of 3,334.627.
Stop Loss: Just above the resistance zone at 3,422.237.
Take Profit: Around 3,163.971, near the support zone.
Risk/Reward: The setup aims for a relatively high reward-to-risk ratio, suggesting a short (sell) trade with potential for substantial gain if the breakdown occurs.
Volume:
There’s a spike in volume on some downward candles, which may suggest increasing selling pressure.
Interpretation:
The chart indicates a potential bearish reversal after a prolonged uptrend within a rising channel. If the price breaks below the lower trendline of the channel, a move toward the 3,163 support zone is anticipated.
Let me know if you'd like this analysis in another format (e.g., report or PDF) or if you want similar insights for a different asset.
Chart Pattern:
Ascending Channel: Price has been moving within a well-defined ascending channel, indicated by the two parallel blue lines.
Bearish Breakdown Setup: The price is currently near the upper boundary (resistance) of the channel and has started to decline, indicating a potential breakout to the downside.
Highlighted Zones:
Resistance Zone (Yellow near 3,422): This is where price has struggled to go higher, marked as the top of the channel.
Support Zone (Yellow near 3,163): Marked as the lower target, this is a previous area of strong buying interest.
Trade Setup:
Entry Zone: Around the current price of 3,334.627.
Stop Loss: Just above the resistance zone at 3,422.237.
Take Profit: Around 3,163.971, near the support zone.
Risk/Reward: The setup aims for a relatively high reward-to-risk ratio, suggesting a short (sell) trade with potential for substantial gain if the breakdown occurs.
Volume:
There’s a spike in volume on some downward candles, which may suggest increasing selling pressure.
Interpretation:
The chart indicates a potential bearish reversal after a prolonged uptrend within a rising channel. If the price breaks below the lower trendline of the channel, a move toward the 3,163 support zone is anticipated.
Let me know if you'd like this analysis in another format (e.g., report or PDF) or if you want similar insights for a different asset.
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Join telegram channel free
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Related publications
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.