Gold (XAU/USD) Analysis: Potential Breakout Above $2,820
This chart is a 1-hour timeframe
1. Price Action & Structure
The price is currently around $2,815.118.
There is a strong support zone around $2,780 - $2,790 (marked in purple).
The chart shows a sharp drop followed by a strong recovery, forming a W pattern (double bottom), which is a bullish reversal signal.
The price has retested a resistance zone around $2,815 - $2,820 multiple times.
2. Technical Indicators
Moving Averages:
The price is above the moving averages (blue & green lines), suggesting a bullish trend.
Bollinger Bands:
The price is near the upper band, indicating strong bullish momentum but potential resistance.
3. Prediction & Possible Move
The red arrow suggests an expected breakout above the resistance zone ($2,815 - $2,820).
If it breaks and holds above this level, the next potential target could be $2,830 or higher.
If rejection happens, a retracement to $2,800 - $2,805 could occur before another push.
Conclusion
Bullish Bias: The chart suggests a possible breakout, but confirmation is needed.
Watch the $2,820 level: If it breaks and holds, the price could rally
1. Price Action & Structure
The price is currently around $2,815.118.
There is a strong support zone around $2,780 - $2,790 (marked in purple).
The chart shows a sharp drop followed by a strong recovery, forming a W pattern (double bottom), which is a bullish reversal signal.
The price has retested a resistance zone around $2,815 - $2,820 multiple times.
2. Technical Indicators
Moving Averages:
The price is above the moving averages (blue & green lines), suggesting a bullish trend.
Bollinger Bands:
The price is near the upper band, indicating strong bullish momentum but potential resistance.
3. Prediction & Possible Move
The red arrow suggests an expected breakout above the resistance zone ($2,815 - $2,820).
If it breaks and holds above this level, the next potential target could be $2,830 or higher.
If rejection happens, a retracement to $2,800 - $2,805 could occur before another push.
Conclusion
Bullish Bias: The chart suggests a possible breakout, but confirmation is needed.
Watch the $2,820 level: If it breaks and holds, the price could rally
Trade closed: target reached
🎯 Target Hit! Another Successful Trade! 🎯
Patience and strategy always pay off! As predicted, our GOLD analysis played out perfectly, hitting our target with precision. 🚀🔥
This is why we trust the process, respect market structure, and execute with confidence.
Huge thanks to all my amazing followers for your support! Let's keep learning and winning together! 💰📊
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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.
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.