The chart is a 1-hour timeframe for Gold (CFDs on Gold - US$/OZ)
Technical Analysis:
Trend: The price has been in a downtrend, making lower highs and lower lows.
Support & Resistance:
Strong support is observed at around 2,833.768 (marked by the lowest horizontal blue line).
Resistance levels:
First Take Profit (TP1): ~2,862.683
Second Take Profit (TP2): ~2,884.752
Final Target (TP3): ~2,915.624
Bollinger Bands:
The price recently touched the lower Bollinger Band, indicating an oversold condition and a potential reversal.
If the price moves back inside the bands, it suggests a possible bullish recovery.
Trade Setup:
Entry Point: The trader is considering entering around the support level (2,833.768).
Stop Loss: Below the support area (red zone).
Take Profit Targets: At 2,862.683, 2,884.752, and 2,915.624.
Market Sentiment:
If the price holds above support, there is a potential for a bullish reversal.
A break below support could invalidate the setup and continue the bearish trend.
Conclusion:
Bullish Scenario: A rebound from support with targets at 2,862.683, 2,884.752, and 2,915.624.
Bearish Scenario: A breakdown below 2,833.768 could trigger more downside movement.
Trend: The price has been in a downtrend, making lower highs and lower lows.
Support & Resistance:
Strong support is observed at around 2,833.768 (marked by the lowest horizontal blue line).
Resistance levels:
First Take Profit (TP1): ~2,862.683
Second Take Profit (TP2): ~2,884.752
Final Target (TP3): ~2,915.624
Bollinger Bands:
The price recently touched the lower Bollinger Band, indicating an oversold condition and a potential reversal.
If the price moves back inside the bands, it suggests a possible bullish recovery.
Trade Setup:
Entry Point: The trader is considering entering around the support level (2,833.768).
Stop Loss: Below the support area (red zone).
Take Profit Targets: At 2,862.683, 2,884.752, and 2,915.624.
Market Sentiment:
If the price holds above support, there is a potential for a bullish reversal.
A break below support could invalidate the setup and continue the bearish trend.
Conclusion:
Bullish Scenario: A rebound from support with targets at 2,862.683, 2,884.752, and 2,915.624.
Bearish Scenario: A breakdown below 2,833.768 could trigger more downside movement.
Trade active
trade active from 2852 keep hold in buy position
Note
successful running 50 pips profit done close half profit & breakeven now
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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.