Gold Price Analysis: Rising Channel with Potential Reversal Sign
This is a 1-hour chart of Gold (CFDs on Gold in USD per ounce)
Chart Observations:
1. Uptrend Channel (Blue Lines):
The price has been moving within a rising channel, indicating strong bullish momentum.
The price reached the upper boundary of the channel, which often acts as resistance.
2. Potential Reversal (Red Arrow):
A red arrow suggests a possible price reversal or correction.
This could be due to overbought conditions or profit-taking at resistance levels.
If the price breaks below the lower trendline of the channel, a further decline may follow.
3. Key Support Levels:
Around 2,860 (previous consolidation area).
Further support near 2,840 and 2,820 if a stronger correction occurs.
Possible Trading Strategy:
Bullish Scenario: If the price remains above the lower trendline, it could continue its upward trend. A breakout above the channel could push prices even higher.
Chart Observations:
1. Uptrend Channel (Blue Lines):
The price has been moving within a rising channel, indicating strong bullish momentum.
The price reached the upper boundary of the channel, which often acts as resistance.
2. Potential Reversal (Red Arrow):
A red arrow suggests a possible price reversal or correction.
This could be due to overbought conditions or profit-taking at resistance levels.
If the price breaks below the lower trendline of the channel, a further decline may follow.
3. Key Support Levels:
Around 2,860 (previous consolidation area).
Further support near 2,840 and 2,820 if a stronger correction occurs.
Possible Trading Strategy:
Bullish Scenario: If the price remains above the lower trendline, it could continue its upward trend. A breakout above the channel could push prices even higher.
Trade closed: target reached
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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.
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.