CFDs on Gold (US$ / OZ)Updated Gold Price Analysis: Potential Breakout or Breakdown?
1-hour price chart of Gold (CFDs on Gold, US/OZ) :
Key Observations:
1. Ascending Channel:
The price is moving within an upward-sloping channel, suggesting an uptrend.
The upper and lower trendlines are acting as resistance and support, respectively.
2. Breakout Scenario:
The chart has annotations showing a possible scenario where the price may break below the channel.
A potential breakdown from the channel could signal a bearish move.
3. Support Zone:
There is a highlighted horizontal blue zone around the 2,780 level, indicating a key support area.
If the price falls, this level may act as a potential buying area or demand zone.
4. Possible Price Action:
The price could either break out to the upside for a continuation of the uptrend.
Alternatively, a breakdown below the channel could trigger a move towards the 2,780 support level.
Conclusion:
Bullish Case: If the price breaks above the channel, expect further upside momentum.
Bearish Case: A breakdown from the channel could push the price toward 2,780, where further price action will determine the next move.
Key Observations:
1. Ascending Channel:
The price is moving within an upward-sloping channel, suggesting an uptrend.
The upper and lower trendlines are acting as resistance and support, respectively.
2. Breakout Scenario:
The chart has annotations showing a possible scenario where the price may break below the channel.
A potential breakdown from the channel could signal a bearish move.
3. Support Zone:
There is a highlighted horizontal blue zone around the 2,780 level, indicating a key support area.
If the price falls, this level may act as a potential buying area or demand zone.
4. Possible Price Action:
The price could either break out to the upside for a continuation of the uptrend.
Alternatively, a breakdown below the channel could trigger a move towards the 2,780 support level.
Conclusion:
Bullish Case: If the price breaks above the channel, expect further upside momentum.
Bearish Case: A breakdown from the channel could push the price toward 2,780, where further price action will determine the next move.
Trade closed: target reached
🎯 Target Hit! Another Successful Analysis ✅
Massive shoutout to everyone who followed this setup! The price respected our zones perfectly, breaking out of the rising channel and hitting our key demand area before reversing. Patience and precision always pay off!
This is why technical analysis is so powerful when done right. More setups coming soon—stay tuned! 🚀
Let me know in the comments if you caught this move! 🔥
#Trading #Forex #Gold #PriceAction #TechnicalAnalysis #TraderMindset
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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.
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.