This 1-hour chart of Gold (XAU/USD) shows a recent breakout from a downtrend, with the price moving upwards and nearing key resistance levels. The red arrows highlight areas where the price faced resistance, indicating that the market struggled to break through these levels. The blue trendline connects the higher points, illustrating the downward trend that was recently broken.
The chart also highlights key support levels, shown with green arrows, where the price found support and bounced upwards. These areas suggest potential entry points for long positions. The price is currently approaching a significant resistance level at 3,060, marked at the top of the chart. If the price breaks above this resistance, it could potentially move higher toward the next target around 3,065 or higher.
The shaded region between 3,022 and 3,040 represents a consolidation area, and the price action suggests a bullish breakout above this level could trigger further upward momentum. Traders should watch the support zone around 3,010 and the resistance zone at 3,060 to assess the direction of the next move. If the price holds above support and breaks resistance, the next potential target could be near $3,060.
The chart also highlights key support levels, shown with green arrows, where the price found support and bounced upwards. These areas suggest potential entry points for long positions. The price is currently approaching a significant resistance level at 3,060, marked at the top of the chart. If the price breaks above this resistance, it could potentially move higher toward the next target around 3,065 or higher.
The shaded region between 3,022 and 3,040 represents a consolidation area, and the price action suggests a bullish breakout above this level could trigger further upward momentum. Traders should watch the support zone around 3,010 and the resistance zone at 3,060 to assess the direction of the next move. If the price holds above support and breaks resistance, the next potential target could be near $3,060.
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Recommend best broker exness Partner link 👇
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t.me/addlist/j3ts8pztHtY3NWQ0
VIP SIGNALS SERVICE 👇👇⬇️
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Recommend best broker exness Partner link 👇
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Related publications
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.