Gold (XAUUSD)* shows a clear market structure with notable support and resistance levels.
- *Resistance Zone*: The price is currently near a *resistance level*, as indicated by the horizontal line at around *3,040*. The price has previously tested and rejected this level multiple times, suggesting that sellers are active at this price point.
- *Support Zone*: The chart highlights a *support zone* around *2,980*, marked by a blue area. This support is reinforced by a strong upward trend in the past, suggesting that this is a critical level for potential long trades. The price seems to be bouncing back from this support level, indicating that buying pressure may increase here.
- *Price Action*: The price seems to be moving in a sideways range between the support and resistance levels. The *blue arrows* indicate a possible move upward, suggesting a potential breakout if the price manages to sustain its position above support.
- *Trend Indicator*: The chart includes the *200 EMA* (Exponential Moving Average), which is sloping upward, confirming that the overall trend is bullish. This adds more confidence to the possibility of further price appreciation if the support level holds.
*Strategy*: Look for buying opportunities near *2,980* with the possibility of targeting *3,040* (the resistance level). If the price breaks the resistance, it may head toward higher targets, potentially testing the next significant resistance levels above *3,050*.
*Key Levels*:
- *Support*: 2,980
- *Resistance*: 3,040
- *Resistance Zone*: The price is currently near a *resistance level*, as indicated by the horizontal line at around *3,040*. The price has previously tested and rejected this level multiple times, suggesting that sellers are active at this price point.
- *Support Zone*: The chart highlights a *support zone* around *2,980*, marked by a blue area. This support is reinforced by a strong upward trend in the past, suggesting that this is a critical level for potential long trades. The price seems to be bouncing back from this support level, indicating that buying pressure may increase here.
- *Price Action*: The price seems to be moving in a sideways range between the support and resistance levels. The *blue arrows* indicate a possible move upward, suggesting a potential breakout if the price manages to sustain its position above support.
- *Trend Indicator*: The chart includes the *200 EMA* (Exponential Moving Average), which is sloping upward, confirming that the overall trend is bullish. This adds more confidence to the possibility of further price appreciation if the support level holds.
*Strategy*: Look for buying opportunities near *2,980* with the possibility of targeting *3,040* (the resistance level). If the price breaks the resistance, it may head toward higher targets, potentially testing the next significant resistance levels above *3,050*.
*Key Levels*:
- *Support*: 2,980
- *Resistance*: 3,040
Trade active
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t.me/addlist/j3ts8pztHtY3NWQ0
VIP SIGNALS SERVICE 👇👇⬇️
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t.me/addlist/j3ts8pztHtY3NWQ0
VIP SIGNALS SERVICE 👇👇⬇️
t.me/addlist/j3ts8pztHtY3NWQ0
Recommend best broker exness Partner link 👇
one.exnesstrack.org/a/kyponqqh5i
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.