This chart represents a technical analysis of Gold (XAU/USD) on a 1-hour timeframe. Here’s what it suggests:
1. Support Zone (Buy Zone) – The pink-highlighted area around $2,900 indicates a demand zone where buying interest is expected. Price previously bounced from this area, making it a key support level.
2. Resistance Level – The black horizontal line at $2,954.505 represents a strong resistance level where price previously reversed.
3. Trendlines –
The blue upward trendline on the left shows the prior bullish trend.
The blue downward trendline represents the recent bearish correction.
Now, price has bounced off the buy zone, suggesting a potential reversal.
4. Projected Price Movement – The two blue arrows indicate expected bullish movement from the support zone, with a potential target around $2,930–$2,954.
5. Fundamental Events – The small icons (U.S. flag and calendar) suggest upcoming economic events, possibly affecting gold’s price action.
Conclusion:
The chart suggests that gold might rise from the buy zone and attempt to retest resistance around $2,954, assuming no major bearish catalysts. Traders might look for bullish confirmations before entering long positions.
1. Support Zone (Buy Zone) – The pink-highlighted area around $2,900 indicates a demand zone where buying interest is expected. Price previously bounced from this area, making it a key support level.
2. Resistance Level – The black horizontal line at $2,954.505 represents a strong resistance level where price previously reversed.
3. Trendlines –
The blue upward trendline on the left shows the prior bullish trend.
The blue downward trendline represents the recent bearish correction.
Now, price has bounced off the buy zone, suggesting a potential reversal.
4. Projected Price Movement – The two blue arrows indicate expected bullish movement from the support zone, with a potential target around $2,930–$2,954.
5. Fundamental Events – The small icons (U.S. flag and calendar) suggest upcoming economic events, possibly affecting gold’s price action.
Conclusion:
The chart suggests that gold might rise from the buy zone and attempt to retest resistance around $2,954, assuming no major bearish catalysts. Traders might look for bullish confirmations before entering long positions.
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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.
World Best Signals Channel here 🤝
✅ XAUUSD Gold
✅ BTC & other coins
✅ EURUSD
✅ USDJPY
✅ GBPUSD
✅ ETH USD
Telegram channel 👇👇
t.me/+QYl1pO28OrY0ZTU0
✅ XAUUSD Gold
✅ BTC & other coins
✅ EURUSD
✅ USDJPY
✅ GBPUSD
✅ ETH USD
Telegram channel 👇👇
t.me/+QYl1pO28OrY0ZTU0
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.