This image is a technical analysis chart for Gold (CFDs on Gold, USD/OZ) on a 2-hour timeframe, published on TradingView.
Here’s the breakdown of what it shows:
Current Price: $3,306.035, which is up +76.740 points or +2.38%.
Chart Pattern: The price has been in an uptrend after rebounding from a lower support zone marked around early April.
Support and Resistance Zones: Two key horizontal red rectangles highlight past support and resistance levels.
Forecast: The chart suggests a potential short-selling (sell) scenario:
Stop Loss (SL): Set at 3,330 — meaning if the price goes above this, the trade should be closed to prevent further loss.
Target: Set at 3,230 — indicating where the trader expects the price to drop, locking in profit if it hits that level.
Price Path: The zigzag purple arrow suggests a potential short-term range-bound or consolidation move before the price drops toward the target.
Green Trend Line: Shows the current upward trend which might act as dynamic support until broken.
This analysis suggests the trader is expecting a price correction from the current level or slightly higher, with a clear risk management strategy.
Let me know if you want me to help explain or write this in another style!
Here’s the breakdown of what it shows:
Current Price: $3,306.035, which is up +76.740 points or +2.38%.
Chart Pattern: The price has been in an uptrend after rebounding from a lower support zone marked around early April.
Support and Resistance Zones: Two key horizontal red rectangles highlight past support and resistance levels.
Forecast: The chart suggests a potential short-selling (sell) scenario:
Stop Loss (SL): Set at 3,330 — meaning if the price goes above this, the trade should be closed to prevent further loss.
Target: Set at 3,230 — indicating where the trader expects the price to drop, locking in profit if it hits that level.
Price Path: The zigzag purple arrow suggests a potential short-term range-bound or consolidation move before the price drops toward the target.
Green Trend Line: Shows the current upward trend which might act as dynamic support until broken.
This analysis suggests the trader is expecting a price correction from the current level or slightly higher, with a clear risk management strategy.
Let me know if you want me to help explain or write this in another style!
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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.
XAUUSD GOLD + BTCUSD Daily 6-7 Free Signals📊🚀
💫Best Trading Team
✅GOLD
✅BTC
✅EURUSD
✅USDJPY
TELEGRAM CHANNEL 👇🏻👇🏻👇🏻👇🏻👇🏻👇🏻
t.me/Gold_Derive_Killer01
💫Best Trading Team
✅GOLD
✅BTC
✅EURUSD
✅USDJPY
TELEGRAM CHANNEL 👇🏻👇🏻👇🏻👇🏻👇🏻👇🏻
t.me/Gold_Derive_Killer01
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.