This chart represents a technical analysis of the gold (XAU/USD) price movement on a 1-hour timeframe. Here’s what it indicates:
Uptrend Channel – The price is moving within a rising channel, marked by two blue trendlines.
Resistance Zone (Red Box at the Top) – The price is approaching a resistance level around $3,000-$3,015.
Potential Reversal – The chart suggests a possible price rejection from resistance, leading to a decline.
Target Support Zone (Red Box in the Middle) – The projected price drop is expected to reach the support zone around $2,948.
Major Support Level (Bottom Red Box) – A key support level is identified around $2,890.
Past Consolidation (Orange Circle) – Indicates a previous accumulation phase before the breakout.
Possible Trade Idea:
Short Entry: Near $3,000 (resistance zone).
Target: $2,948 (first support zone).
Stop Loss: Above $3,015 to manage risk.
This chart suggests a potential bearish retracement before a continuation of the uptrend.
Uptrend Channel – The price is moving within a rising channel, marked by two blue trendlines.
Resistance Zone (Red Box at the Top) – The price is approaching a resistance level around $3,000-$3,015.
Potential Reversal – The chart suggests a possible price rejection from resistance, leading to a decline.
Target Support Zone (Red Box in the Middle) – The projected price drop is expected to reach the support zone around $2,948.
Major Support Level (Bottom Red Box) – A key support level is identified around $2,890.
Past Consolidation (Orange Circle) – Indicates a previous accumulation phase before the breakout.
Possible Trade Idea:
Short Entry: Near $3,000 (resistance zone).
Target: $2,948 (first support zone).
Stop Loss: Above $3,015 to manage risk.
This chart suggests a potential bearish retracement before a continuation of the uptrend.
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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.
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.