Gold (XAU/USD) 4H Chart Analysis
1. Trend Overview
The chart shows gold (XAU/USD) on a 4-hour timeframe.
The price is currently at $2,984.020.
There is a strong uptrend forming, as seen in the recent price movement and the breakout from the previous resistance zone.
2. Key Levels
Support Levels:
Around $2,950 - $2,960 (previous resistance turned support).
Multiple arrows in the chart indicate expected retests of this support before moving higher.
Resistance Levels:
The next significant resistance zone appears to be around $3,000 - $3,050.
A break above $3,000 could push the price towards the upper supply zone.
3. Chart Patterns & Indicators
Breakout & Retest:
A breakout from the previous resistance zone has been confirmed.
The price might retest support before continuing upward (as shown by the green arrows).
Bullish Trendline:
The blue arrow projection suggests further bullish momentum if price respects the trendline.
4. Potential Trade Setup
Bullish Scenario:
If the price holds above $2,950, a continuation towards $3,050 - $3,100 is possible.
Buy opportunities could be around $2,960 - $2,970, targeting $3,050 and beyond.
Bearish Scenario:
If gold breaks below $2,950, a correction towards $2,900 - $2,850 could happen.
5. Fundamental Factors
Gold's movement is influenced by:
US economic data (e.g., inflation, interest rates).
Geopolitical tensions and market sentiment affecting safe-haven demand.
Conclusion
Bullish bias remains strong above $2,950.
Retest of support could present buying opportunities for a move towards $3,050+.
A break below support could indicate a short-term correction.
Would you like me to refine the entry and exit points further?
1. Trend Overview
The chart shows gold (XAU/USD) on a 4-hour timeframe.
The price is currently at $2,984.020.
There is a strong uptrend forming, as seen in the recent price movement and the breakout from the previous resistance zone.
2. Key Levels
Support Levels:
Around $2,950 - $2,960 (previous resistance turned support).
Multiple arrows in the chart indicate expected retests of this support before moving higher.
Resistance Levels:
The next significant resistance zone appears to be around $3,000 - $3,050.
A break above $3,000 could push the price towards the upper supply zone.
3. Chart Patterns & Indicators
Breakout & Retest:
A breakout from the previous resistance zone has been confirmed.
The price might retest support before continuing upward (as shown by the green arrows).
Bullish Trendline:
The blue arrow projection suggests further bullish momentum if price respects the trendline.
4. Potential Trade Setup
Bullish Scenario:
If the price holds above $2,950, a continuation towards $3,050 - $3,100 is possible.
Buy opportunities could be around $2,960 - $2,970, targeting $3,050 and beyond.
Bearish Scenario:
If gold breaks below $2,950, a correction towards $2,900 - $2,850 could happen.
5. Fundamental Factors
Gold's movement is influenced by:
US economic data (e.g., inflation, interest rates).
Geopolitical tensions and market sentiment affecting safe-haven demand.
Conclusion
Bullish bias remains strong above $2,950.
Retest of support could present buying opportunities for a move towards $3,050+.
A break below support could indicate a short-term correction.
Would you like me to refine the entry and exit points further?
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.