A resistance level is marked at the upper section, showing where the price has faced selling pressure.
A support level is indicated at the lower section, highlighting where price has previously bounced back.
2. Chart Patterns and Price Movements
The left side shows an uptrend channel with price making higher highs.
A curved pattern in the middle suggests a rounding bottom formation, showing price recovery from a previous downtrend.
The right side indicates a potential reversal as the price fails to break the resistance and starts to decline.
3. Entry and Target Zones
An entry point is marked slightly below the resistance level, suggesting a potential short trade.
A target zone is in the lower area (around 2,846.835), indicating where the price might drop if the bearish scenario plays out.
4. Indicators and Signals
A blue circle marks the price rejection near resistance, signaling a possible sell opportunity.
A red arrow points downward, indicating expected bearish momentum.
5. Current Price Levels
The price is around 3,004.791, near the entry zone.
The target level suggests a possible decline towards 2,846.835.
Summary
The chart suggests that Gold (XAU/USD) may experience a bearish correction after failing to break the resistance level. The technical setup implies a short-selling opportunity, with a downside target towards support levels. Let me know if you need a more detailed breakdown!
A support level is indicated at the lower section, highlighting where price has previously bounced back.
2. Chart Patterns and Price Movements
The left side shows an uptrend channel with price making higher highs.
A curved pattern in the middle suggests a rounding bottom formation, showing price recovery from a previous downtrend.
The right side indicates a potential reversal as the price fails to break the resistance and starts to decline.
3. Entry and Target Zones
An entry point is marked slightly below the resistance level, suggesting a potential short trade.
A target zone is in the lower area (around 2,846.835), indicating where the price might drop if the bearish scenario plays out.
4. Indicators and Signals
A blue circle marks the price rejection near resistance, signaling a possible sell opportunity.
A red arrow points downward, indicating expected bearish momentum.
5. Current Price Levels
The price is around 3,004.791, near the entry zone.
The target level suggests a possible decline towards 2,846.835.
Summary
The chart suggests that Gold (XAU/USD) may experience a bearish correction after failing to break the resistance level. The technical setup implies a short-selling opportunity, with a downside target towards support levels. Let me know if you need a more detailed breakdown!
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100 pips runing
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.