This chart represents an analysis of Gold (XAU/USD) on a 30-minute timeframe. Below is a breakdown of the key elements:
Key Observations:
Downtrend Formation
The price is trading within a downward channel, marked by two descending trendlines.
The overall trend appears bearish, indicating potential further declines.
Supply Zone (Resistance) Around $3,025 - $3,030
The price is approaching this key resistance area.
If the price fails to break above, it could lead to a rejection and continuation of the downtrend.
Demand Zone (Support) Around $3,000 - $3,006
This is the target area where buyers may step in to support the price.
A downward move towards this zone is anticipated.
Projected Price Movement
The blue arrows suggest a bearish scenario.
A rejection from the supply zone is expected to push the price downward.
The final target is the demand zone near $3,000.
Conclusion:
Bearish Bias: The price is currently in a downtrend, with the expectation of a rejection from resistance and a move toward the lower support zone.
Confirmation Needed: Watch for price action signals, such as rejection wicks or bearish candlesticks, to confirm the downward move
Key Observations:
Downtrend Formation
The price is trading within a downward channel, marked by two descending trendlines.
The overall trend appears bearish, indicating potential further declines.
Supply Zone (Resistance) Around $3,025 - $3,030
The price is approaching this key resistance area.
If the price fails to break above, it could lead to a rejection and continuation of the downtrend.
Demand Zone (Support) Around $3,000 - $3,006
This is the target area where buyers may step in to support the price.
A downward move towards this zone is anticipated.
Projected Price Movement
The blue arrows suggest a bearish scenario.
A rejection from the supply zone is expected to push the price downward.
The final target is the demand zone near $3,000.
Conclusion:
Bearish Bias: The price is currently in a downtrend, with the expectation of a rejection from resistance and a move toward the lower support zone.
Confirmation Needed: Watch for price action signals, such as rejection wicks or bearish candlesticks, to confirm the downward move
Trade closed: target reached
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Join my telegram (COPY_TRADE)
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Join my refrel broker link
one.exnesstrack.org/a/l1t1rf3p6v
t.me/TOP1INVEESTADMEN
Join my refrel broker link
one.exnesstrack.org/a/l1t1rf3p6v
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.