This chart represents a technical analysis of Gold (XAU/USD) on the 1-hour timeframe. Here's what it indicates:
1. Strong Selling Zone (Yellow Area – Around 2,929-2,940)
This area acts as a strong resistance where sellers are expected to enter the market, leading to a potential price drop.
2. Bullish Move Before Resistance
The price formed a "V" shape recovery after a downtrend, pushing back up towards the resistance zone.
3. Bearish Projection (Blue Arrows)
The analysis suggests that gold is likely to reject this resistance zone and move downward from the 2,929 level.
Multiple blue arrows indicate a potential sell-off towards lower levels, possibly targeting around 2,880 or lower.
Summary:
This chart suggests a short-selling opportunity from the 2,929-2,940 resistance zone, expecting a reversal to the downside. It highlights a potential bearish move after testing a strong resistance level.
1. Strong Selling Zone (Yellow Area – Around 2,929-2,940)
This area acts as a strong resistance where sellers are expected to enter the market, leading to a potential price drop.
2. Bullish Move Before Resistance
The price formed a "V" shape recovery after a downtrend, pushing back up towards the resistance zone.
3. Bearish Projection (Blue Arrows)
The analysis suggests that gold is likely to reject this resistance zone and move downward from the 2,929 level.
Multiple blue arrows indicate a potential sell-off towards lower levels, possibly targeting around 2,880 or lower.
Summary:
This chart suggests a short-selling opportunity from the 2,929-2,940 resistance zone, expecting a reversal to the downside. It highlights a potential bearish move after testing a strong resistance level.
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.
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.