This is a 1-hour chart of Gold (XAU/USD) from TradingView, showing technical analysis for a potential short (sell) trade setup. Here’s what it means:
1. Uptrend Channel Break – The price was moving within an ascending channel (marked by blue trendlines) but recently broke below it.
2. Resistance Rejection – A resistance zone (red horizontal line) around 2,930 was tested but failed to break higher, leading to a potential reversal.
3. Head and Shoulders Pattern? – The highlighted circle might indicate a reversal pattern (like a head and shoulders or double top).
4. Sell Setup – The red area represents the stop-loss zone above resistance, while the green area represents the take-profit target around 2,897.
5. Bearish Expectation – The blue arrow suggests the analyst expects gold to drop in price.
This means the trader is looking for a downward move after the breakdown, with a target lower than the current price. Do you want to share this setup with your audience?
1. Uptrend Channel Break – The price was moving within an ascending channel (marked by blue trendlines) but recently broke below it.
2. Resistance Rejection – A resistance zone (red horizontal line) around 2,930 was tested but failed to break higher, leading to a potential reversal.
3. Head and Shoulders Pattern? – The highlighted circle might indicate a reversal pattern (like a head and shoulders or double top).
4. Sell Setup – The red area represents the stop-loss zone above resistance, while the green area represents the take-profit target around 2,897.
5. Bearish Expectation – The blue arrow suggests the analyst expects gold to drop in price.
This means the trader is looking for a downward move after the breakdown, with a target lower than the current price. Do you want to share this setup with your audience?
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.