This chart shows Gold (CFDs on Gold in USD/OZ) on the 1-hour (1h) timeframe with the current price at $3,342.600 as of May 8, 2025. Here’s a detailed breakdown:
Key Chart Details:
Support and Resistance Zones:
Major Support Zone: Around $3,320–$3,330 (yellow zone at the bottom).
Intermediate Support Zone: Around $3,355–$3,365.
Resistance Zone: Around $3,430–$3,445 (top yellow zone).
Price Action & Pattern:
The chart shows a descending triangle or wedge pattern forming, which could signal either a breakdown continuation or a reversal depending on breakout direction.
A series of lower highs and a relatively consistent support area suggests a bearish pressure buildup.
Volume spikes during downswings support bearish momentum.
Forecast Path (Blue Lines):
The forecast shows a potential short-term bounce from the current support zone, moving upward toward resistance near $3,380–$3,400, followed by:
A pullback into support again.
Then a potential lower high, maintaining the bearish structure.
Summary:
The chart suggests cautious short-term recovery, but overall still within a downtrend structure unless a strong breakout above the descending resistance occurs. The key decision zone is around $3,400–$3,410—a break above this could flip sentiment bullish.
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Key Chart Details:
Support and Resistance Zones:
Major Support Zone: Around $3,320–$3,330 (yellow zone at the bottom).
Intermediate Support Zone: Around $3,355–$3,365.
Resistance Zone: Around $3,430–$3,445 (top yellow zone).
Price Action & Pattern:
The chart shows a descending triangle or wedge pattern forming, which could signal either a breakdown continuation or a reversal depending on breakout direction.
A series of lower highs and a relatively consistent support area suggests a bearish pressure buildup.
Volume spikes during downswings support bearish momentum.
Forecast Path (Blue Lines):
The forecast shows a potential short-term bounce from the current support zone, moving upward toward resistance near $3,380–$3,400, followed by:
A pullback into support again.
Then a potential lower high, maintaining the bearish structure.
Summary:
The chart suggests cautious short-term recovery, but overall still within a downtrend structure unless a strong breakout above the descending resistance occurs. The key decision zone is around $3,400–$3,410—a break above this could flip sentiment bullish.
Would you like a real-time update or trade setup suggestion based on this chart?
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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.
t.me/+EQ88IkMSUvQwMGJk
Join telegram channel free
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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.