CFDs on Gold (US$ / OZ)Updated Gold (XAU/USD) Technical Analysis: Key Support Test and Breakout
This chart is a technical analysis of Gold (XAU/USD)
1. Support & Resistance Levels:
Resistance: Around 2,908.210, marked in blue as a potential bullish target.
Support Levels:
2,851.293 (minor support)
2,830.189 (stronger support)
2,806.846 (major support)
2. Key Technical Elements:
Ascending Trendline: The price has been following an upward trend, but it is currently testing a critical support area (yellow zone).
Yellow Zone: This represents a demand zone where buyers have shown interest in the past.
Breakout Possibility: The price could either:
Bullish Scenario: Bounce off the support and continue upwards to test 2,908.210.
Bearish Scenario: Break below the trendline and head toward 2,830.189 or even 2,806.846.
3. Trade Strategy Consideration:
If the price bounces from the yellow zone and trendline, it could be a buying opportunity towards 2,908.210.
If the price breaks below the yellow zone, a short trade towards 2,830.189 or 2,806.846 might be valid.
1. Support & Resistance Levels:
Resistance: Around 2,908.210, marked in blue as a potential bullish target.
Support Levels:
2,851.293 (minor support)
2,830.189 (stronger support)
2,806.846 (major support)
2. Key Technical Elements:
Ascending Trendline: The price has been following an upward trend, but it is currently testing a critical support area (yellow zone).
Yellow Zone: This represents a demand zone where buyers have shown interest in the past.
Breakout Possibility: The price could either:
Bullish Scenario: Bounce off the support and continue upwards to test 2,908.210.
Bearish Scenario: Break below the trendline and head toward 2,830.189 or even 2,806.846.
3. Trade Strategy Consideration:
If the price bounces from the yellow zone and trendline, it could be a buying opportunity towards 2,908.210.
If the price breaks below the yellow zone, a short trade towards 2,830.189 or 2,806.846 might be valid.
Trade active
🚀 TARGET HIT! 🎯💰
Congratulations, traders! Our analysis played out perfectly as predicted, and gold hit our target successfully! 🏆🔥
Patience, strategy, and technical precision have once again paid off. Thank you for trusting the process and believing in the analysis. More winning trades ahead—let’s keep growing together! 📈✨
Drop a 🎉 in the comments if you caught this move!
#Gold #TradingSuccess #ForexQueen #TechnicalAnalysis #WinningTrades
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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.