This chart is a technical analysis of Gold (XAU/USD) on the 1-hour timeframe, predicting potential price movements. Here’s what it indicates:
1. Previous Uptrend:
Gold was moving inside an ascending channel (blue and red zone).
Price bounced from the support level around $2,950 and continued rising.
2. Key Resistance Zone:
The yellow highlighted area represents a strong resistance where the price is struggling to break higher.
A "high buy possible" signal suggests that if gold breaks above this resistance, it could continue higher.
3. Potential Downside Movement:
The orange circle suggests a possible reversal pattern.
If gold fails to break resistance, a sell-off towards $2,980 and $2,950 is possible.
The blue arrows show a potential bearish move if price rejects the resistance.
Conclusion:
If price breaks above resistance, gold might continue upwards.
If price fails to break, a correction towards $2,950 - $2,980 is likely.
This analysis suggests watching for price action at resistance before making a trade. Let me know if you need a deeper breakdown!
1. Previous Uptrend:
Gold was moving inside an ascending channel (blue and red zone).
Price bounced from the support level around $2,950 and continued rising.
2. Key Resistance Zone:
The yellow highlighted area represents a strong resistance where the price is struggling to break higher.
A "high buy possible" signal suggests that if gold breaks above this resistance, it could continue higher.
3. Potential Downside Movement:
The orange circle suggests a possible reversal pattern.
If gold fails to break resistance, a sell-off towards $2,980 and $2,950 is possible.
The blue arrows show a potential bearish move if price rejects the resistance.
Conclusion:
If price breaks above resistance, gold might continue upwards.
If price fails to break, a correction towards $2,950 - $2,980 is likely.
This analysis suggests watching for price action at resistance before making a trade. Let me know if you need a deeper breakdown!
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✅ XAUUSD Gold
✅ BTC & other coins
✅ EURUSD
✅ USDJPY
✅ GBPUSD
✅ ETH USD
Telegram channel 👇👇
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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.
World Best Signals Channel here 🤝
✅ XAUUSD Gold
✅ BTC & other coins
✅ EURUSD
✅ USDJPY
✅ GBPUSD
✅ ETH USD
Telegram channel 👇👇
t.me/+QYl1pO28OrY0ZTU0
✅ XAUUSD Gold
✅ BTC & other coins
✅ EURUSD
✅ USDJPY
✅ GBPUSD
✅ ETH USD
Telegram channel 👇👇
t.me/+QYl1pO28OrY0ZTU0
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.